Reassurance on mortgage application with large online gambling transactions

Daver91 · 13 November 2019 at 1:00AM

Hi everyone,

I’m going to try and keep this short and sweet and just I’m looking for people’s opinions/past experiences. Thanks in advance.

So pretty much I’m already a home owner (shared with my girlfriend) but a house came on the market that we really liked and decided to go for it even though we weren’t planning on moving anytime soon. It moved along a lot quicker than expected and now I need to submit some paperwork. My last 3 months of bank statements have approximately 4K worth of outgoings purely for online gambling! (Oops). I’m not an addict I can control it, it’s just last few months I went a bit crazy and thought f**k it you’ve got to be in it to win it, not thinking I’d be in this situation anytime soon (it’s definitely disposable income I wouldn’t be that reckless).

I take home about 2K a month so over the three months 66% of my income has gone on gambling.

The outstanding mortgage I already have is worth about 135K (split with my girlfriend) and we are looking to borrow an extra 85K from the same building society to avoid an early cancellation fee.

I’ve heard mixed stories on this subject which is why I’m asking, hoping someone has been in a similar situation?

So all in all, do you think it helps going with the same provider despite my awful bank statements? And do you think it will be an issue?

Just going to add that with the equity from the sale of our house we are putting a 20% deposit down on the new house and covering all of our legal fees etc etc so the LTV is 80% if that makes a difference?

We both have no debt and good credit ratings. I also have 30K in an instantly accessible savings account and another 15K currently wrapped up in bonds etc currently. Would this verify to them that it was disposable income and not reckless and I just had a moment of weakness?

Hope that all makes sense, your reply it’s will be very much appreciated!!!

[Deleted User] · 13 November 2019 at 8:54AM

Either go to a lender that doesn't ask for bank statements, or at that level of gambling expect a few lenders to either decline outright or take 2k/month as an ongoing commitment. £10 here or there slips through most of rhe time but spending your full wage is going to make a lot of lenders uncomfortable.

I would try opt for the no bank statement lender option.

However, if it is an actual problem then get some help and don't put your house at risk.

ACG · 13 November 2019 at 9:32AM

Spending that much is going to raise questions with the majority of lenders.

Who is the lender? We might be able to put you out of your misery one way or another. You might need to be prepared to pull out or switch to a new lender and pay the ERC though.

annabanana82 · 13 November 2019 at 11:39AM

My friends partner got refused a mortgage due to his gambling, he doesn't gamble what he can't afford and is really quite successful with it. For him he only required £22k so was able to cash in some of his pension instead.

csgohan4 · 13 November 2019 at 1:50PM

for 3 months, you got 6 k of income and you spent 4k on gambling. To alot of lenders that maybe a straight decline .

As above get a broker to go through everything and find you a lender for you.

Daver91 · 13 November 2019 at 5:56PM

So even though it’s money transferred from my savings account, which is clear on my statements it will still be declined?

Do you think it’s possible for them to re-evaluate my current mortgage and potentially pull the plug on it?

Cheers.

[Deleted User] · 13 November 2019 at 7:14PM

No, they won't assess your mortgage unless you look to change the terms (amount, overall term etc)

ACG · 13 November 2019 at 7:16PM

Nobody is saying you WILL be declined because nobody knows who the lender is and what the rest of your application looks like.

Your existing mortgage is safe, although they may prevent the port even without any additional borrowing.

There is not a lot you can do but await the outcome.

Daver91 · 13 November 2019 at 7:34PM

Thanks guys, your input is greatly appreciated.

I’ll post again when I find out what the outcome is...

kingsizexx · 23 October 2020 at 11:22AM

csgohan4 said:

for 3 months, you got 6 k of income and you spent 4k on gambling. To alot of lenders that maybe a straight decline .

As above get a broker to go through everything and find you a lender for you.

That what's happen when a person believes in fake power

bradders1983 · 23 October 2020 at 11:31AM

kingsizexx said:

csgohan4 said:

for 3 months, you got 6 k of income and you spent 4k on gambling. To alot of lenders that maybe a straight decline .

As above get a broker to go through everything and find you a lender for you.

That what's happen when a person believes in fake power

You bumped a thread with no new posts in it for over 11 months just to say that? 🤷‍♂️🙄

Reassurance on mortgage application with large online gambling transactions

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