Mortgage

RobDogDog

RobDogDog

RobDogDog

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8 Aug 2011
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2,149
Going for a mortgage interview with the Mrs Saturday. My last 3 months of payslips show a fair few gambling transactions. I didn't actually expect to be going for a mortgage but the right girl has come along and here we are. In hindsight, I should have used the other account but hey-ho. I'm winning back money, but they have been in the high triple figures. I've basically quit as of this month to try to at least show that I don't have a problem (I don't).

Bank account is healthy, we have over 33% deposit with some left over and I have a perfect credit score. Secure jobs, monthly income will be good between us, no debt apart from a student loan on her side.

I've told the Mrs that I'm a little worried about the gambling transactions. So I guess I'm hoping that the perfect score and healthy accounts can pull me through. Do we think I'm screwed?
 
Never effected my application and i was well into the matched betting stage then so had many hundreds of transactions to almost every betting company you can name lol
 
If asked, point out its discretionary spending like going out, meals, cinema etc and not a long term commitment like a car loan or repayments of a credit card bill.
 
Run into your appointment screaming 'I DON'T HAVE A PROBLEM AND WILL FIGHT ANYONE WHO SAYS OTHERWISE!' and then calmly hand over your statements.
 
Say "I bet you £50 I keep up the repayments" etc. Basically offer odds on everything they say.
 
lookitsjonno said:
Gambling isn't illegal and as long as you're in the green then you should be fine. You're worrying over nothing.
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I was 'spending' a fortune on matched betting at one point and I got my mortgage shortened no problem at all.

You can gamble to your heart's content if you have never missed a bill or loan payment in your life! Banks want responsible people. Provided you spend your money on legal items then they don't care :).
 
If it isn’t a subscription/contract/cost you can’t get out of (e.g. phone bill, gym membership, loan, travel to work) they aren’t interested.

when I went to my last one they didn’t consider anything other than travel to work and loans/finance, they just ‘modelled’ the rest.
 
b0rn2sk8 said:
If it isn’t a subscription/contract/cost you can’t get out of (e.g. phone bill, gym membership, loan, travel to work) they aren’t interested.

when I went to my last one they didn’t consider anything other than travel to work and loans/finance, they just ‘modelled’ the rest.
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This really. If you pay all your bills on time then they do not care if all your spare cash is blown on gambling if that's your hobby/thrill.
 
I do matched betting and stupidly didn't open a new account to do it on. When I applied for a mortgage a few years ago they didn't even bat an eyelid at the many transactions coming in and out of my account!
 
they'll prob worry more about your lavish lifestyle with your mrs :)
might want to re-think about that takeaway this weekend......
 
RobDogDog said:
Going for a mortgage interview with the Mrs Saturday. My last 3 months of payslips show a fair few gambling transactions. I didn't actually expect to be going for a mortgage but the right girl has come along and here we are. In hindsight, I should have used the other account but hey-ho. I'm winning back money, but they have been in the high triple figures. I've basically quit as of this month to try to at least show that I don't have a problem (I don't).

Bank account is healthy, we have over 33% deposit with some left over and I have a perfect credit score. Secure jobs, monthly income will be good between us, no debt apart from a student loan on her side.

I've told the Mrs that I'm a little worried about the gambling transactions. So I guess I'm hoping that the perfect score and healthy accounts can pull me through. Do we think I'm screwed?
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Cant see it being a problem.

33% Deposit is excellent well done Sir. I know the old rule was 10% as a minimum as a deposit.
 
dont see why it would be a problem, you're obviously sitting comfortably financially so what does it matter if you have a flutter here or there, its not illegal and the fact you're not throwing your paycheck away each month or emptying your savings shows you gamble responsibly.
 
psd99 said:
they'll prob worry more about your lavish lifestyle with your mrs :)
might want to re-think about that takeaway this weekend......
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He speaks the truth! Got a new mortgage a year ago and takeaways was one of the things analysed and pinged into the computer model.
 
SHOTinTHEface86 said:
dont see why it would be a problem, you're obviously sitting comfortably financially so what does it matter if you have a flutter here or there, its not illegal and the fact you're not throwing your paycheck away each month or emptying your savings shows you gamble responsibly.
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it does matter. source - someone who works in a bank (and is a loans manager)
 
It's depends on the lender and the rest of the case.

If affordability is good, no missed payments, adverse credit etc, bank account is generally run well, no constantly in overdraft etc it's generally going to be ok.

Obviously if things are opposite, it's going to be a negative factor, and could possibly be the tipping point on a lending decision.

Makes me laugh when newbies checking bank statements see lots of transactions to W.H.O. online and think they are a generous person giving so much to charity haha.
 
everything they ask for matters. otherwise they wouldn't ask for it.

they want to know how much you earn. how stable your job is. what are your committed outgoings and what are your luxury outgoings.

from that they get affordability and take other factors into account like increase in council tax, etc if you are buying a bigger or more expensive property.

gambling on it's own isn't an issue if you can afford it. but it still matters and is seen as a negative rather than a positive. but so long as everything else checks out you will be fine.
 
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