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james90

Mortgage application & gambling?

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How much does gambling transactions on a bank statements effect mortgate applications? 

Me and my girlfriend will be looking for our first house in the next 6-12 months and I understand we have to provide 3 months worth of bank statements when applying. 

I usually stick to £20 a week when gambling on the weekend football but sometimes can be a bit more, would that be OK on my statements when applying or is it best to stop altogether and have no signs of gambling? 

I am not in any debt or anything, me any my girlfriend have £50k saved at the moment between us for deposit. 

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I would say err on the side of caution, and probably gamble with cash or from another account. In this day and age it would be wise not to give anyone any ammunition that they could use against you. Not saying they would, but that they just could...
Good luck & happy house hunting!

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As above, keep it in PayPal or an online wallet then it’s not going to stick out to a lender. Given the current financial stance in the country, lenders will be looking to mitigate risk more than usual and it’d be prudent to give them as few excuses as possible to refuse your application so keep outgoings down to a minimum and absolutely avoiding stuff like gambling as it could look like you’re not good with money.

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7 hours ago, james90 said:

How much does gambling transactions on a bank statements effect mortgate applications? 

Me and my girlfriend will be looking for our first house in the next 6-12 months and I understand we have to provide 3 months worth of bank statements when applying. 

I usually stick to £20 a week when gambling on the weekend football but sometimes can be a bit more, would that be OK on my statements when applying or is it best to stop altogether and have no signs of gambling? 

I am not in any debt or anything, me any my girlfriend have £50k saved at the moment between us for deposit. 

You get questioned on it if it’s on statements 
 

A lad I went to uni with was chatting about it. He was doing regular weekly £3-£5 accumulator bets (or something like that) on football results. Predicted 8 results etc. Fcuk all and not problematic. Him and another lad did it and we laughed at them when they chatted about their losses

Said he felt like a pervert when questioned in the bank about it 

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Not sure how much it would affect an application but I wouldn't take the risk. 

I would try not to have any gambling transactions on bank statements being submitted.

As above just use PayPal or some other vehicle that doesn't make gambling visible on bank statements. Not difficult to do and will give you peace of mind. 

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They will see it as a potential liability when it comes to repayments as gambling can get out of control and its also not a guaranteed income 

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Thanks all, didn't think of Paypal will start depositing that way. I have never had a serious problem with gambling just don't want a few transactions each month to possibly dent our chances of successful application and have heard some saying I cant have any transactions at all on statement and some saying you can have a few as long as you can show you have been saving each month which i always have been. 

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7 hours ago, monkeybiker said:

Or could just stop the gambling and be like 30 or 40 quid a week richer

Or keep gambling and maybe you won’t need the mortgage :thumb 

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maybe different as I’m self employed but when I got my mortgage, just needed 3 years worth of accounts info and a bank account summary (1 page showing I had a money in there/wasn’t in debt). I never had every transaction scrutinised/questioned but like many have said If you’re gona continue to gamble here and there, better to use cash or another method that you’re hiding it. Don’t Wana have anything they can use against you as if they can, they will. 

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21 minutes ago, Tricky said:

I spent 27k on gambling years ago before getting my mortgage and had no issues due to having a deposit and two incomes 

Key term here being ‘years ago’ - the mortgage lending landscape has changed immensely over the last 7-8 years 

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22 hours ago, james90 said:

Thanks all, didn't think of Paypal will start depositing that way. I have never had a serious problem with gambling just don't want a few transactions each month to possibly dent our chances of successful application and have heard some saying I cant have any transactions at all on statement and some saying you can have a few as long as you can show you have been saving each month which i always have been. 

Set PayPal up as a bank transfer so you can just go onto your banking app, transfer £20 and it’s straight In your PayPal account. Don’t deposit from an empty PayPal account as it’ll show on your account statement as ‘PayPal PPower’ or whichever bookie you use.

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On 19/07/2020 at 7:10 PM, faipdeooiad said:

Key term here being ‘years ago’ - the mortgage lending landscape has changed immensely over the last 7-8 years 

Yea that’s true I got my mortgage feb 2016 

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