UK-Muscle.co.uk Forum banner
1 - 20 of 42 Posts

·
Looking Freaky
Joined
·
931 Posts
Discussion Starter · #1 ·
Hi all,

Looking to buy first property this year with my girlfriend and just wondering when it comes to applying for a mortgage how much of an effect gambling transactions on statements has?

I will need to provide 3 months worth of statements and looking at mine I spent £200 in December , £100 in January and £40 so far In February on gambling (only December I am worried about). Not a massive amount but is that enough to have an effect and possibly be rejected?

Have done a bit of research online and some say some transactions wont have any effect as long as you can show savings or are not in any debt (i am not in debt and have £28k savings) and others say its best to have no transactions at all.

We are planning to start viewing properties in the next week or so and hopefully take advantage of the stamp duty holiday which will hopefully be extended.

Anyone have any advice or past experience with this?
 

·
Premium Member
Joined
·
4,419 Posts
Hi all,

Looking to buy first property this year with my girlfriend and just wondering when it comes to applying for a mortgage how much of an effect gambling transactions on statements has?

I will need to provide 3 months worth of statements and looking at mine I spent £200 in December , £100 in January and £40 so far In February on gambling (only December I am worried about). Not a massive amount but is that enough to have an effect and possibly be rejected?

Have done a bit of research online and some say some transactions wont have any effect as long as you can show savings or are not in any debt (i am not in debt and have £28k savings) and others say its best to have no transactions at all.

We are planning to start viewing properties in the next week or so and hopefully take advantage of the stamp duty holiday which will hopefully be extended.

Anyone have any advice or past experience with this?
It can, but depends on value and lender.

They look at trends. You are within your rights to gamble. The national lottery is 'a gamble'. What matters is your habits over time and how you manage your money.

Also they will usually ask for the last 3 months of payslips and sometimes bank statements. So by the time you need to provide these you may be into April. So I don't think you really need to be concerned.
 

·
Premium Member
Joined
·
797 Posts
It will go against you. I presume your savings is for the deposit or some of it is. In which case your savings will go less once used.
 

·
Newbie Trainer
Joined
·
611 Posts
I`m no expert but if your account has been in credit and you dont have any history of defaulting I cant see that gambling well within your means can be seen as an reason to refuse a mortgage.

Is your credit rating good?

The nature of the expenditure shouldn`t be the issue, they will be looking for a lack of financial acumen.

As above, it would be prudent to at least reduce your gambling expenditure for the three months leading up to your mortgage application if you can.

The fact that you have savings shows that you have a responsible attitude to your finances.
 

·
Premium Member
Joined
·
797 Posts
I`m no expert but if your account has been in credit and you dont have any history of defaulting I cant see that gambling well within your means can be seen as an reason to refuse a mortgage.

Is your credit rating good?

The nature of the expenditure shouldn`t be the issue, they will be looking for a lack of financial acumen.

As above, it would be prudent to at least reduce your gambling expenditure for the three months leading up to your mortgage application if you can.

The fact that you have savings shows that you have a responsible attitude to your finances.
If he cant then he has a gambling problem lol.

Even though your in credit. The lender might charge a higher interest rate ad theres some risk . But being in credit does help with regular savings trasactions.
 

·
Premium Member
Joined
·
3,750 Posts
It may go against you with some lenders it may not with others but it will not do anything to help you with any lenders.

With that in mind I'd advise not to have any gambling transactions on the bank statements you're going to provide.

Just bet from a different account or put the money in paypal before depositing to gambling sites.
 

·
Looking Freaky
Joined
·
931 Posts
Discussion Starter · #7 ·
Hi all,

My credit score is good i check regularly never missed a payment for anything.

The £200 I spent in December is not normal I do £20 a week normally I just had a lot of spare money and time on my hands, not an excuse just a reason.

I didn't expect to be looking into moving out this early in the year as didn't feel we would start looking until the lockdown was over but my girlfriend wants to move out asap whereas I am not in a rush so much.

Now that we are looking I am more conscious of the gambling so will limit myself.

Between us we have £52k saved at present and all of it will be used for deposit.
 

·
Premium Member
Joined
·
6,289 Posts
Hi all,

My credit score is good i check regularly never missed a payment for anything.

The £200 I spent in December is not normal I do £20 a week normally I just had a lot of spare money and time on my hands, not an excuse just a reason.

I didn't expect to be looking into moving out this early in the year as didn't feel we would start looking until the lockdown was over but my girlfriend wants to move out asap whereas I am not in a rush so much.

Now that we are looking I am more conscious of the gambling so will limit myself.

Between us we have £52k saved at present and all of it will be used for deposit.
Honestly you are worrying over nothing. I would spend £200 on one transaction. Sometimes up to £3000 on a particular match if the odds were good. Thousands in and out gambling and no issues as my account is never over drawn. I had saving when applying for mortgage and I was saving each money. No different in your case someone spending £200 on gambling than someone spending £200 on fake nails, tan, hair and lips once a month.
 

·
Looking Freaky
Joined
·
931 Posts
Discussion Starter · #9 ·
Honestly you are worrying over nothing. I would spend £200 on one transaction. Sometimes up to £3000 on a particular match if the odds were good. Thousands in and out gambling and no issues as my account is never over drawn. I had saving when applying for mortgage and I was saving each money. No different in your case someone spending £200 on gambling than someone spending £200 on fake nails, tan, hair and lips once a month.
I am only worrying because its important to us not to get refused and dont want my gambling to be the cause of refusal. I know £200 isnt a lot to most people, i only gamble what I can afford to lose and every month they can see I put money away in savings so really if they base it on me not putting myself in any money issues I should be fine.
 

·
Premium Member
Joined
·
6,289 Posts
I am only worrying because its important to us not to get refused and dont want my gambling to be the cause of refusal. I know £200 isnt a lot to most people, i only gamble what I can afford to lose and every month they can see I put money away in savings so really if they base it on me not putting myself in any money issues I should be fine.
You will be fine. You're living well within your means and saving plus you have a substantial amount behind you. Honestly a woman spending more money on tan, nails and hair a month every month is worse than you. You are panicking over pennies. Plus they only look at 3 months usually so by the time you apply you might not even be giving in Decembers slip.
 

·
Premium Member
Joined
·
1,539 Posts
I am only worrying because its important to us not to get refused and dont want my gambling to be the cause of refusal. I know £200 isnt a lot to most people, i only gamble what I can afford to lose and every month they can see I put money away in savings so really if they base it on me not putting myself in any money issues I should be fine.
I wouldn't worry. They will means test you and allow a percentage for disposable income.

Just make sure you don't overstretch, I've always taken the approach can we survive on one salary.
 

·
Premium Member
Joined
·
3,750 Posts
Hi all,

My credit score is good i check regularly never missed a payment for anything.

The £200 I spent in December is not normal I do £20 a week normally I just had a lot of spare money and time on my hands, not an excuse just a reason.

I didn't expect to be looking into moving out this early in the year as didn't feel we would start looking until the lockdown was over but my girlfriend wants to move out asap whereas I am not in a rush so much.

Now that we are looking I am more conscious of the gambling so will limit myself.

Between us we have £52k saved at present and all of it will be used for deposit.
As @Tricky says , from the sounds of what you're saying about your overall financial situation/record, you'll have no problems whatsoever getting approved for a mortgage and probably get the best rates available dependent on loan to value variables etc.

But there's no upside to having gambling transactions on your statements. It will either hinder you or be neutral. So if it was me I just wouldn't do anymore gambling transactions from accounts I'm gonna supply statements from.

Wouldn't worry too much about the ones you already have on there as you can't take them off and by the sounds of it they're unlikely to affect you. But going forward that would be my advice.
 

·
Newbie Trainer
Joined
·
2,589 Posts
I can't see it having much impact. Assumed it was really just a formality to check you had money in your account and you got paid what you said you did.

On one of my house purchases, I must have been arranging a lads holiday at the same time. Obviously lads being lads and knowing I'd be handing in a copy of my bank statement, some of the payment references used where a bit embarrassing to say the least. apologised to the mortgage broker when I handed them in and nothing else came of the fact, it looked like I'd been selling dildo's and the like.
 

·
Premium Member
Joined
·
3,750 Posts
I can't see it having much impact. Assumed it was really just a formality to check you had money in your account and you got paid what you said you did.

On one of my house purchases, I must have been arranging a lads holiday at the same time. Obviously lads being lads and knowing I'd be handing in a copy of my bank statement, some of the payment references used where a bit embarrassing to say the least. apologised to the mortgage broker when I handed them in and nothing else came of the fact, it looked like I'd been selling dildo's and the like.
You should have just given them your log in details here. From reading your post history they would have safely assumed any dildos you purchased were for your own personal use :lol:
 

·
Premium Member
Joined
·
2,498 Posts
If you have £52k saved I'd not plan to use more than around £40k as deposit.

There are loads of costs involved in buying a house and then decorating/furnishings to get it how you want it. And it makes no sense to not keep some spend able cash available, the extra 10k on a mortgage will make little difference to the monthly payments.
 

·
Gym Addict
Joined
·
4,339 Posts
They will almost certainly give you a mortgage if you have 50k deposit and earn more than minimum wage.

Its not like an unsecured loan. They know most people will pay their mortgage and if you've paid a big deposit worst case scenario for them is they repossess the house sell it take their money back and keep your deposit to cover their "fees".
 

·
Looking Freaky
Joined
·
931 Posts
Discussion Starter · #17 ·
If you have £52k saved I'd not plan to use more than around £40k as deposit.

There are loads of costs involved in buying a house and then decorating/furnishings to get it how you want it. And it makes no sense to not keep some spend able cash available, the extra 10k on a mortgage will make little difference to the monthly payments.
Thanks for the advice. We should have £55k by time we apply so yes will keep £10k aside.
 

·
Looking Freaky
Joined
·
931 Posts
Discussion Starter · #18 ·
Good to see most on here think I will be fine. Just wont be ideal having numerous £20 deposits here and there for gambling sites however I spent hardly any other money at all that month and still put away the £700 in savings like we have always done so they will see that too.

Its likely as also mentioned I will only need to show January - March statements anyway and they will be fine its only December which doesnt look great.
 

·
Non Nissan Note Driver
Joined
·
3,416 Posts
If you have £52k saved I'd not plan to use more than around £40k as deposit.

There are loads of costs involved in buying a house and then decorating/furnishings to get it how you want it. And it makes no sense to not keep some spend able cash available, the extra 10k on a mortgage will make little difference to the monthly payments.
yeh an extra 10k for me was £100 a month so I opted to put that into my garden instead lol
 

·
Non Nissan Note Driver
Joined
·
3,416 Posts
But there's no upside to having gambling transactions on your statements. It will either hinder you or be neutral. So if it was me I just wouldn't do anymore gambling transactions from accounts I'm gonna supply statements from.
This is good advice.
 
1 - 20 of 42 Posts
Top