| Mortgages and Gambling 20:16 - Sep 3 with 1338 views | RobTheMonk |
The Mrs and I are looking at getting a mortgage in the near future. The slight issue is that my last 3 months show quite a lot of betting activity and she went into her overdraft for approximately 10 minutes haha!
Both our accounts are generally very healthy and we have at least a third of a deposit depending on house price and can comfortably repay. We both have jobs which are very stable.
Are we screwed for a few months? |  | | |  |
| Mortgages and Gambling on 20:17 - Sep 3 with 1311 views | clive_baker |
They will normally look at 6 months worth of statements, so this activity will obviously show up. How much is ‘quite a lot’ because one mans quite a lot will differ from the next. |  |
| |
| Mortgages and Gambling on 20:23 - Sep 3 with 1250 views | Nthsuffolkblue |
I am no expert but I believe going overdrawn and paying it back is better on a credit rating than never having borrowed at all.
It is having a record of bad debt that most concerns them.
Being "comfortably able to repay" is not what they are after - they want proof of a stable earnings that is likely to continue. If you already had the money you wouldn't be wanting to borrow it. I am also a little confused about a third of a deposit. Do you mean you still need to raise 2/3 of the money needed for one or do you mean you can pay for about 1/3 cost of the house? The bigger the deposit you can pay, the better the mortgage offer they are likely to make. |  |
| |
| Mortgages and Gambling on 20:23 - Sep 3 with 1246 views | Marshalls_Mullet |
Surely your betting activity resulted in a profit!?
This will be seen as a positive.
ROFL |  |
| |
| Mortgages and Gambling on 20:25 - Sep 3 with 1223 views | Nthsuffolkblue |
| Mortgages and Gambling on 20:23 - Sep 3 by Marshalls_Mullet |
Surely your betting activity resulted in a profit!?
This will be seen as a positive.
ROFL |
That would be why his wife's account was only overdrawn for 10 minutes … while his betting the house on a greyhound waited to win. | |
| |
| Mortgages and Gambling on 20:29 - Sep 3 with 1189 views | badadski |
| Mortgages and Gambling on 20:25 - Sep 3 by Nthsuffolkblue |
That would be why his wife's account was only overdrawn for 10 minutes … while his betting the house on a greyhound waited to win. |
It will effect the decision of any lender, i used to bet lots of small amounts, never big and had so many footprints and anti fraud searches that my bank said to use a different account if applying for a loan or to stop as although it was small amounts they couldn't see what was coming in as fixed amount or what was being paid out and was too much of a risk.
Its not convenient but over the counter bets are your friend if you cant give up.
i havn't gambled since i found out by the way. |  | | |
| Mortgages and Gambling on 20:31 - Sep 3 with 1175 views | RobTheMonk |
| Mortgages and Gambling on 20:23 - Sep 3 by Nthsuffolkblue |
I am no expert but I believe going overdrawn and paying it back is better on a credit rating than never having borrowed at all.
It is having a record of bad debt that most concerns them.
Being "comfortably able to repay" is not what they are after - they want proof of a stable earnings that is likely to continue. If you already had the money you wouldn't be wanting to borrow it. I am also a little confused about a third of a deposit. Do you mean you still need to raise 2/3 of the money needed for one or do you mean you can pay for about 1/3 cost of the house? The bigger the deposit you can pay, the better the mortgage offer they are likely to make. |
Sorry for the confusion - a third of the house price not a third of the deposit.
Both debtless apart from a student loan on the Mrs' side. | | | |
| Mortgages and Gambling on 20:31 - Sep 3 with 1171 views | Funge |
As others have said, it depends on how much you're gambling, how often, and whether the transactions are 'one-way'...
I certainly wouldnt class myself as a high-stakes gambler, but then that's all relative.
The mortgage advisor I used was mustard when it came to all this. Drop me a PM if you want his details. |  | | |
| Mortgages and Gambling on 20:36 - Sep 3 with 1120 views | noggin |
33% deposit and zero bad credit. Sounds like you're the perfect customer to me. |  |
| |
Login to get fewer ads
| Mortgages and Gambling on 20:39 - Sep 3 with 1090 views | RobTheMonk |
| Mortgages and Gambling on 20:31 - Sep 3 by Funge |
As others have said, it depends on how much you're gambling, how often, and whether the transactions are 'one-way'...
I certainly wouldnt class myself as a high-stakes gambler, but then that's all relative.
The mortgage advisor I used was mustard when it came to all this. Drop me a PM if you want his details. |
Probably too much recently but not enough that my finances have suffered.
Banks account is just about always in profit at the end of the month after salary has come in.
Never been in debt. [Post edited 3 Sep 2019 20:43]
| | | |
| Mortgages and Gambling on 20:50 - Sep 3 with 1019 views | clive_baker |
| Mortgages and Gambling on 20:39 - Sep 3 by RobTheMonk |
Probably too much recently but not enough that my finances have suffered.
Banks account is just about always in profit at the end of the month after salary has come in.
Never been in debt. [Post edited 3 Sep 2019 20:43]
|
33% deposit and comfortably affording to borrow the rest sounds like you won’t struggle.
The gambling will be looked at unfavourably I’m afraid. If it’s £20 here and there it’s not an issue, if it’s hundreds each month it’ll almost certainly be a red flag as gambling, needless to say, is not deemed to be guaranteed income (rightly so) and could be indicative of a potential future issue as far as the lenders credit team is concerned. A broker will be able to advise. You might be better off sitting right a few months and getting those transactions off your bank statement before applying. | |
| |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
