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.

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.

Bassmansam · 30 Mar 2017 at 21:34

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

The latter

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.

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..

Bassmansam · 31 Mar 2017 at 01:42

Pawnless Endgame said:
OP, what sort of gambling do you do?

If it's something like fruit machines, poker or bingo, then that's not too bad. It's roulette that you have to stay away from. They regard the Devil Wheel as being the crack cocaine of gambling!

Football bets.

Bassmansam · 31 Mar 2017 at 13:56

Semple said:
I regret losing a £5 bet on the grand national. Thankfully it's one thing that steers me completely away from gambling. I suspect most people rarely break even, so the thought of losing money just by chance puts me off. Granted one day you might have a bit of luck and make a considerable win.

But it's at what point you stop, they say lightning doesn't strike twice in the same place, so chances of winning again are going to be slim.

Betting on one horse to bet when there are 30+ options, no surprise you lost lol.

Bassmansam · 1 Apr 2017 at 11:12

Aedus said:
Gambling is just an idiot tax.

So if i put £10 on Real Madrid and Barcelona to win am I an idiot? Nooo, you are

Bassmansam · 22 Apr 2017 at 13:07

Well my mortgage was approved on Thursday and i won 600 from two accas last weekend, happy days!