Getting a Mortgage with Gambling Winnings

DVardysShadow

jackhulk wrote: »

Sorry to bump such an old thread but interested to hear from OP if he got a mortgage or not, and if so how did you go about it please?

I think the summary of it is that gambling generates no wealth - gambling only transfers wealth. So you are engaging in an activity which can transfer wealth away from you as well as to you.

Any normal lender will not want to lend based on income derived from gambling. So borrow on income not derived from gambling. And put your winnings together for a deposit and for paying down the mortgage.

Any sane lender will also be concerned that you will use other income and ultimately the property to cover losing streaks.

hazyjo

Arghhh just read all that thinking it was current.

Might I suggest sending the OP a PM rather than bumping an old thread?

Jx

pararct

delete message

_Andy_

jackhulk wrote: »

Sorry to bump such an old thread but interested to hear from OP if he got a mortgage or not, and if so how did you go about it please?

No mortgage lender will accept gaming income so no.

MacMickster

Never mind accepting gambling income, some lenders will regard any evidence of regular gambling as a reason to turn down an otherwise acceptable mortgage application.

There have been a number of threads in the past about his on the "Gambling Introductory Offers Loopholes" board. eg https://forums.moneysavingexpert.com/discussion/2656661

Exploiting these offers correctly is effectively the art of gambling without gambling, but even though these people can demonstrate that they consistently have more money coming into their accounts from their activities than going out, lenders still refuse them loans based upon only their main income.

I think the consensus of opinion on that board is to use e-wallets for gambling, and ensure that there are no gambling related transactions through your bank accounts in the 3-6 months prior to making any mortgage application.

hazyjo

***Thread's 3 and a half years old... probably not worth adding to!***

Jx

googler

hazyjo wrote: »

***Thread's 3 and a half years old... probably not worth adding to!***

Jx

Why not? I'd like to know how/where you can place a bet on a horse, then withdraw your money from the bookie when the odds change...... )post #27) ... I thought once you'd paid your money, that was it, and your fortune was decided on the race result.

If it's such a sure-fire certaintly as the OP claims, I think we'd all like to know how.

hazyjo

googler wrote: »

Why not? I'd like to know how/where you can place a bet on a horse, then withdraw your money from the bookie when the odds change...... )post #27) ... I thought once you'd paid your money, that was it, and your fortune was decided on the race result.

If it's such a sure-fire certaintly as the OP claims, I think we'd all like to know how.

Fair enough - but probably easier to PM the OP than add something at the bottom of a 3.5 yr old thread they might not have subscribed to anyway...

Jx

Zogger

Never done this myself but I believe the idea is you use a betting exchange to make a lay, i.e. you are taking on someone elses bet that the horse will win, effectively selling on your bet. Then it becomes a trade more like a stock market, you buy when the price is low (odds are high) and sell when the price is high (odds are low) - but still has risk and is not a sure-fire certainty as the odds could go the other way. (this is different to matched betting using bonuses where apparently it is a certainty)

manray3331

my expeience on raising money is if your show enough bank statements to support your income claims, the banks will support you. Enough may be 24 months worth (I had that not so long a ago). And no I wouldn't claim the income from Gambling as others have said, that wouldn't go down v well.