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  • FIRST POST
    • joehfax
    • By joehfax 7th Apr 18, 9:03 PM
    • 25Posts
    • 16Thanks
    joehfax
    Have I messed my chances up for 3 months
    • #1
    • 7th Apr 18, 9:03 PM
    Have I messed my chances up for 3 months 7th Apr 18 at 9:03 PM
    Hi all FTB here are pretty inexperienced about the whole thing TBH.

    I am looking to buy with my girlfriend I earn £33500 basic but cleared £47000 with overtime and shift allowances my girlfriend earns £11000. We have seen a house we really like for £220000 and we have a 5% deposit saved up.

    The problem is that I like to have a gamble every so often so my bank statements for the last 3 months so roughly £300 a month going through PayPal to online gambling sites, stupidly I had never thought that this would be an issue but having read about it seems to be a big problem.

    We are renting at the moment and pay £600 a month but obviously if we got a mortgage for £1000 a month I would knock the gambling on the head.

    We are seeing a mortgage broker on Tuesday but I was just looking to see if anyone had any similar experiences just so I know what to expect, I have pre warned the broker about this and he has said it will definitely cut down our options, but to go see him anyway.

    Thanks for reading any advice will be appreciated
Page 1
    • ACG
    • By ACG 7th Apr 18, 9:29 PM
    • 17,510 Posts
    • 9,322 Thanks
    ACG
    • #2
    • 7th Apr 18, 9:29 PM
    • #2
    • 7th Apr 18, 9:29 PM
    You have not ruined your chances, but you have ruled out a few lenders. Normal rates should still be available though so unless there are any other issues to contend with, you should be fine.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • CarbonImage
    • By CarbonImage 9th Apr 18, 1:49 PM
    • 30 Posts
    • 27 Thanks
    CarbonImage
    • #3
    • 9th Apr 18, 1:49 PM
    • #3
    • 9th Apr 18, 1:49 PM
    I would also be aware if I were you that most lenders won't take 100% of your overtime and shift allowances into account.

    This was a problem for me as 40-50% of my income is bonuses and overtime.

    RBS and a select few others will however use an average of your last 3 paychecks. Ask your adviser.
    Mortgage
    [Jun 2017: £164,995 ] [Jun 2018: £161,238.46]
    • amnblog
    • By amnblog 9th Apr 18, 5:08 PM
    • 10,746 Posts
    • 4,264 Thanks
    amnblog
    • #4
    • 9th Apr 18, 5:08 PM
    • #4
    • 9th Apr 18, 5:08 PM
    £3,600 a year is sizeable amount of money to be gambling.

    perhaps you should stop for 3 months.

    1. To clean up your Bank Statements

    2. To prove to yourself that you can.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • joehfax
    • By joehfax 9th Apr 18, 7:49 PM
    • 25 Posts
    • 16 Thanks
    joehfax
    • #5
    • 9th Apr 18, 7:49 PM
    • #5
    • 9th Apr 18, 7:49 PM
    I have stopped just in case our broker says that would be the best way to go, I see it as a hobby rather than anything else we are not really into eating out and I'm not into fast cars or anything so I see it as harmless fun, obviously until I saw that it might effect getting a mortgage.

    Thanks for your replies
    • GoingOn30
    • By GoingOn30 9th Apr 18, 9:25 PM
    • 101 Posts
    • 70 Thanks
    GoingOn30
    • #6
    • 9th Apr 18, 9:25 PM
    • #6
    • 9th Apr 18, 9:25 PM
    If you can save up to a 10% deposit you will be offered much better mortgage rates, the extra £11K would be 3 years worth of your hobby so you've got to decide which is more important.
    Definitely knock it on the head if you can and focus on securing your future instead.
    • ashe
    • By ashe 9th Apr 18, 10:32 PM
    • 548 Posts
    • 408 Thanks
    ashe
    • #7
    • 9th Apr 18, 10:32 PM
    • #7
    • 9th Apr 18, 10:32 PM
    Go to a mortgage broker.

    I have sometimes over £10,000 a month go through my accounts in gambling and got a mortgage no problem.
    • joehfax
    • By joehfax 10th Apr 18, 12:35 AM
    • 25 Posts
    • 16 Thanks
    joehfax
    • #8
    • 10th Apr 18, 12:35 AM
    • #8
    • 10th Apr 18, 12:35 AM
    Wow 10grand a month, I have a meeting with a broker tomorrow evening so will have a better understanding of what I need to do.

    Thanks for your replies
    • MalMonroe
    • By MalMonroe 10th Apr 18, 12:54 AM
    • 70 Posts
    • 62 Thanks
    MalMonroe
    • #9
    • 10th Apr 18, 12:54 AM
    • #9
    • 10th Apr 18, 12:54 AM
    For what it's worth, I'd advise great caution, because I don't really believe ashe's story. As I've learned from past errors, it's not obtaining a mortgage that's the big problem, it's paying it back. And I've usually had a 10% deposit too. The larger the deposit the smaller, and more manageable, the repayments. So you could easily put £300 a month away in savings. No reputable mortgage provider will take your overtime and shift payments into account. If I were you, I'd be seriously tempted to use the services of a financial advisor too, at least in the short term, since you don't seem to know what to do with your surplus! (No offence intended).
    • ashe
    • By ashe 10th Apr 18, 11:06 AM
    • 548 Posts
    • 408 Thanks
    ashe
    For what it's worth, I'd advise great caution, because I don't really believe ashe's story. As I've learned from past errors, it's not obtaining a mortgage that's the big problem, it's paying it back. And I've usually had a 10% deposit too. The larger the deposit the smaller, and more manageable, the repayments. So you could easily put £300 a month away in savings. No reputable mortgage provider will take your overtime and shift payments into account. If I were you, I'd be seriously tempted to use the services of a financial advisor too, at least in the short term, since you don't seem to know what to do with your surplus! (No offence intended).
    Originally posted by MalMonroe
    Do you want some screenshots? Believe what you like. I do matched betting like many MSEíers and have huge sums going through my accounts. I was really worried about it but the broker said in his experience the lender he placed us with is unlikely to ask for statements, just payslips, and thatís what they did.

    I make £1,000-£,3000 per month through gambling offers depending on luck and time available, all tax free and largely risk free, but lenders wonít care that itís matched betting So obviously anyone going for a mortgage is better off conditioning their accounts in the run up to an application, but thatís too late for OP, so a broker can advise on lenders criteria from their experience. For me, stopping would have been expensive so I am glad it was not needed. I did stop for about 20 days but it was costing too much money. Broker certainly earned his fee.

    OP, if you are just frittering that cash away I suggest you stop doing so and look into matched betting. Far better use of the money and you will turn a profit !!!128077;!!!127996;
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