What is considered too excessive betting/gambling?

Bassmansam · 30 Mar 2017 at 19:41

Earlier this month I applied for a mortgage and on Tuesday they asked for more my last 3 months bank statements. When i sent off my statements I started to wonder what they may think of all of my deposits to Sky bet , about 40-50 per week. Now of course I came across articles saying banks do not like gambling at all.. so GD, have i screwed myself with this?

I currently live at home and pay 100 rent and take home 1612 a month so I do have a a lot of disposable cash. I barely go out drinking/restaurants/cinema lately so I'm still saving around 800 per month. Just worried what the bank will think.

wedrum · 30 Mar 2017 at 19:44

40-50 deposits or £40 to £50 ?

Diddums x · 30 Mar 2017 at 19:48

Hard to say, but this is exactly the reason I tell people who get in to matched betting to use a separate account. Even for any other "fun" activities, I think keeping it all in a separate account is good practice.

Bassmansam · 30 Mar 2017 at 19:49

wedrum said:
40-50 deposits or £40 to £50 ?

I would easily spend that in a pub if I went every week.

adolf hamster · 30 Mar 2017 at 19:49

my general rule for anything addictive is when you first find yourself saying/thinking "i can quit any time"

mattyg · 30 Mar 2017 at 19:54

A mate of mine once put £100k down in order to try and win back some that he had lost...........Luckily his wife found out at that point. Threatened to leave and he sorted himself out.

Now he collects houses......He earns a lot....He put £400k cash in with a mate to set up a solicitors firm and had his money back within 12 months....Thats just one finger in one of many pies.

He put his gambling down to having too much money at too early an age.

Cambofrog · 30 Mar 2017 at 19:55

They will just request you take their test on the mathematics of probability.

Begbie · 30 Mar 2017 at 20:08

mattyg said:
A mate of mine once put £100k down in order to try and win back some that he had lost...........Luckily his wife found out at that point. Threatened to leave and he sorted himself out.

Now he collects houses......He earns a lot....He put £400k cash in with a mate to set up a solicitors firm and had his money back within 12 months....Thats just one finger in one of many pies.

He put his gambling down to having too much money at too early an age.

Having a spare 400k about doesn't sound like he had too many problems.

One mans 100k is another mans 100.

I struggled with a mortgage on a higher wage, and not too far off the same outgoings. Probably about £150-200. In the end I was advised to wait, I also have a very good credit score (according to experian).

There was one thing on it that scared most major banks off, which has now cleared. So I get to go through the whole joyful experience again!

pokerking · 30 Mar 2017 at 21:11

I did gamble a while ago, every pay day I was excited put £70 on skybet and lost most of ths time, felt bad for a few days then waited for the next pay day. Slowly putting more on and it got to a point where I thought I can win big and used my rent £600 and lost it all.

Never felt so low and bad in all my life, cost me debt and a failed loan as the bank Halifax did not seem too impressed with my deposits and banking history.

I think it does impact decisions where somebody has to look at your statements.

Bassmansam · 30 Mar 2017 at 21:34

wedrum said:
40-50 deposits or £40 to £50 ?

The latter

balky12 · 30 Mar 2017 at 21:43

Too much is when you find yourself betting further just to make money back, imo.

It varies. I could do £100 a month and be 'fine' with losing the lot. £300 and my social life will suffer. Anything over £500 and I'm putting strain on feeding myself and house bills.

However if I go to the horse races I will go with a few hundred, but then I Would be saving in advance...

When the fun stops. STOP.

I am always slinging money on BET365, got a mortgage 6/7 months agp, nothing was said and I had no problems.

asim18 · 30 Mar 2017 at 21:45

They dont care about your little gambling habit. They just want to see your statements to make sure you'll be a good slave for them for the next 30 years.

Cambofrog · 30 Mar 2017 at 22:09

asim18 said:
They dont care about your little gambling habit. They just want to see your statements to make sure you'll be a good slave for them for the next 30 years.

I agree with you asim.
Op... just pay in cash ???!!!111

Vonhelmet · 30 Mar 2017 at 22:50

asim18 said:
They dont care about your little gambling habit. They just want to see your statements to make sure you'll be a good slave for them for the next 30 years.

And the alternative is...

Dis86 · 30 Mar 2017 at 22:54

I wouldn't say it's a crazy amount.

Holst1981 · 30 Mar 2017 at 23:15

£50 a week seems like a lot to me.
That's £2500 a year if you lose it all.

Bassmansam · 30 Mar 2017 at 23:18

Holst1981 said:
£50 a week seems like a lot to me.
That's £2500 a year if you lose it all.

If i lost every week i would have given up long ago. Not sure if banks approve even if you are in profit though.

Cambofrog · 30 Mar 2017 at 23:58

OP, you just need to show that your gambling credits exceed your gambling debits to a mortgage provider via your bank statements. Easy.

HangTime · 31 Mar 2017 at 00:01

Being profitable doesn't tell the whole story because they are looking for risk factors, and somebody who makes frequent gambling deposits will be deemed a higher risk (i.e. might they reach a situation in the future where they cannot afford to pay their mortgage).

I used to sometimes deposit a couple of grand a month but have reined that in as may need to apply for a mortgage this year.

Bassmansam · 31 Mar 2017 at 00:05

HangTime said:
Being profitable doesn't tell the whole story because they are looking for risk factors, and somebody who makes frequent gambling deposits will be deemed a higher risk (i.e. might they reach a situation in the future where they cannot afford to pay their mortgage).

I used to sometimes deposit a couple of grand a month but have reined that in as may need to apply for a mortgage this year.

Yeah, thing is where i don't pay much rent(£100) I am quite comfortable financially and that's why I can bet that much and it doesn't affect me. Just not sure the bank will see it that way..