Looking to move house but concerned re gambling transactions. Frequency and amounts explained.

waltonmark

Hi all

I’ve a decision in principle to borrow 480k, plus a 160k deposit for a 640k house.

We’ve a combined gross income of £117,000. We have no loans or credit cards (I finished paying them off last month). We just both have a lease car which totals £800 per month combined.

I’m concerned re gambling transactions and their frequency and am after some guidance as to whether or not this could lead to NatWest rejecting our application. Of particular concern are the number of transactions and total amounts for feb, March and April. Given this is longer than 3 months ago, will they be looked into?

My net income is £3669 per month. I’ve looked at my last 3 months statements and the transactions I’m concerned about amount to:

Sept - 1x transaction £20

August - 7x transaction totalling £145

July - 1x transaction £30

June - 2x transaction totalling £40

May - 1x transaction £20

April - 28x transaction totalling £700

March - 5x transaction £270

Feb - 20x transaction £500

Jan - 0x transactions

Really appreciate any advice on this.

Thanks

MikeJXE

1 stop gambling I can’t see any ++++s there

2 When you want to borrow for a mortgage the will want to know the source of the deposit 

It won’t help if it’s also from a loan 

waltonmark

MikeJXE said:

1 stop gambling I can’t see any ++++s there

2 When you want to borrow for a mortgage the will want to know the source of the deposit 

It won’t help if it’s also from a loan 

Hi Mike,

We've 210k equity in our current property, so 160k of that will be used as deposit.

ecraig

That’s roughly 200 a month outgoing on average. Are you winning anything and crediting your account with anything?

waltonmark

ecraig said:

That’s roughly 200 a month outgoing on average. Are you winning anything and crediting your account with anything?

Hi, yes there is more that has come back in from b365 than i've deposited but i dont believe the incoming is taken into account? Although i could be wrong.

ecraig

Many people will disagree with my comment but maybe you need a separate bank account for this activity. I used to during my arbing and matched betting days.
i was cycling >£60k a year in gambling transactions. It had no impact on my mortgage application but it was some years ago when i was a ftb. 

Brie

Gambling isn't like requests for credit as in applying for new cards so I would fully expect a bank to look back a couple of years if they see evidence of gambling.  That there is substantial amounts going out just a few months back may well set off alarm bells.  I would certain either stop all together or find a way to make it less obvious - someone suggested a different account but they may request 6 - 12 months worth of those statements as well and in any case may be much too late for this application.  

No19v87

Don’t put your full application in until at least December and don’t gamble again from that account between now and then. 1 transaction in September wouldn’t ruin your application or raise much suspicion. 3 months relatively clear of Sept, Oct and Nov would be fine.

August is the month that would set alarm bells ringing for them. That needs to drop off otherwise they would be likely to ask for more, see more and probably reject.

If your bank is with Natwest, they’ll have access to all of this anyway without requesting statements and the above is a bit of a moot point.

I wouldn’t advise another account, they’ll see that on the credit search and probably request statements from it. Seeing a bank account used for secret gambling is never a good selling point.

ecraig

No19v87 said:

Don’t put your full application in until at least December and don’t gamble again from that account between now and then. 1 transaction in September wouldn’t ruin your application or raise much suspicion. 3 months relatively clear of Sept, Oct and Nov would be fine.

August is the month that would set alarm bells ringing for them. That needs to drop off otherwise they would be likely to ask for more, see more and probably reject.

If your bank is with Natwest, they’ll have access to all of this anyway without requesting statements and the above is a bit of a moot point.

I wouldn’t advise another account, they’ll see that on the credit search and probably request statements from it. Seeing a bank account used for secret gambling is never a good selling point.

I would never condone or did I ever have a “secret account”. 

Op said the incomings are more than the outgoings. What difference is there to buying stock from a cash and carry (laying the bet) and selling it at your market stall to a customer (collecting your winnings). 

Seeing a bank account to keep your professional activities, like your market stall business, or gambling, is a great idea. 

If you were self employed would you not have a separate account for your business activities?

amnblog

The Lender may look at three months statements, less than £200, and £100 more than the cost of entering every lottery draw across that period.

I do not imagine this will halt this mortgage application.

Be smart, and use a broker anyway.

Your family and friends will know if you have a problem with gambling - that is a different issue.

penners324

The last 3 months statements will be fine on that.
9 transactions in 3 months is hardly anything.

But speak to a broker.