FTB - Applying for a mortgage - minor gambling transactions on bank statement

celesp

Hi,

My Wife (~40kpa) and me (~70kpa) are looking to buy our first property for £280k with a 10% deposit, everything thus far has been accepted, we have good credit, good affordability and steady jobs. Until we showed the bank statements.

I spend £30 a week, no more than that on Gambling (I enjoy the football), so about £120 out of the £4,000 I earn a month. All other bills are paid, it does not effect our cost of living or finances at all.

My broker has said its the "regular gambling", even though it does not effect us whatsoever. its a bit of fun at the weekend. I cant understand how this is a risk? its not mass amounts. I did not think it would be that big an issue, I know people who spend 20% of their wage on buying video games and still get a mortgage.

Is there anyway to get around this? Different broker, lender? Can I redact the vendor? I cant really wait 3 months as thats when we will be removed from our current property by the landlord and this is the house we are trying to buy.

Thanks

la531983

That's very low level, lenders probably won't care. 

ACG

Its not the amount that is the issue. Its how it is carried out. 

My personal view is if you bang £10 or even £100 each weekend thats fine. You can see it is not an addiction, you are not chasing the money you are not having to bet each night. Its just a bit of fun at the weekend. 

I would be more concerned about seeing 50p, 50p, 50p, 50p, 50p every night of the week. It might only be £2.50 a night/£17 a week but that looks like you are chasing the money and you cant go a night without doing it. 

kingstreet

This is your broker's issue not a lender's? Get a new broker!

MultiFuelBurner

celesp said:

Hi,

My Wife (~40kpa) and me (~70kpa) are looking to buy our first property for £280k with a 10% deposit, everything thus far has been accepted, we have good credit, good affordability and steady jobs. Until we showed the bank statements.

I spend £30 a week, no more than that on Gambling (I enjoy the football), so about £120 out of the £4,000 I earn a month. All other bills are paid, it does not effect our cost of living or finances at all.

My broker has said its the "regular gambling", even though it does not effect us whatsoever. its a bit of fun at the weekend. I cant understand how this is a risk? its not mass amounts. I did not think it would be that big an issue, I know people who spend 20% of their wage on buying video games and still get a mortgage.

Is there anyway to get around this? Different broker, lender? Can I redact the vendor? I cant really wait 3 months as thats when we will be removed from our current property by the landlord and this is the house we are trying to buy.

Thanks

Have a read

It sounds the level you gamble is low but even I was shocked at how it can be perceived.

https://www.onlinemortgageadvisor.co.uk/income-types/gambling-income/

summerb64

I had no issues with nationwide and I had very similar levels of gambling, £20 a week to sky bet for football betting. They didn’t even mention it, my affordability was similar to yours and I had no credit issues either 

chanz4

I do matched betting halifax had zero issue