Matched Betting & Mortgage Application

Hi All,

For the past 18 months I’ve been matched betting which has enabled me to get out of a small amount of debt, and now saved enough for my share of a house deposit (going 50/50 with partner)

I will need to take ~£15k from my matched betting funds to fund my side of the deposit, however I’m assuming a large transfer in from another personal account will raise flags, and then if my second bank account is reviewed the transactions are 99% bookies & exchanges

What are my options here? Do all lenders scrutinise statements so this will be a red flag? Should I withdraw everything now, then wait 3 months so my statements look “clean”?

Really appreciate any advice from anyone who has recently applied for a mortgage under similar circumstances (or brokers that have dealt with similar)

Many, many thanks!

Comments

  • housebuyer143
    housebuyer143 Posts: 3,153
    First Anniversary First Post Name Dropper
    Forumite
    Whenever I have applied all the bank want to see if the account that my wages go into and nothing more. My account that takes my wages was literally just that, wages in, and wages straight into my other account, no spends. That did raise a question from the underwriter and I just said that's not my main account and they didn't even ask for statements from my main account. 

    It depends I guess who you go with, how much you are borrowing and your LTV whether they scrutinize it. The solicitor will want to see where the money has come from though for money laundering purposes 
  • chanz4
    chanz4 Posts: 10,846
    First Anniversary Name Dropper First Post Xmas Saver!
    Forumite
    do the same myself, halifax zero issue
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Jonca
    Jonca Posts: 2
    First Post First Anniversary
    Newbie
    chanz4 said:
    do the same myself, halifax zero issue

    Thanks for the reply - presumably they saw your statements that had lots of bookie transactions?
  • chanz4
    chanz4 Posts: 10,846
    First Anniversary Name Dropper First Post Xmas Saver!
    Forumite
    Jonca said:
    chanz4 said:
    do the same myself, halifax zero issue

    Thanks for the reply - presumably they saw your statements that had lots of bookie transactions?
    yes as long as your not borrowing overdraft etc they said doesnt matter. I do about £600 profit a month to guage it
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.6K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards