Jordanbroady11 Posted November 9, 2020 Share Posted November 9, 2020 Hi TGC, I am just wondering if anyone can give me advise/information on the implications of gambling when applying for a mortgage? I am not gambling right now and haven’t been for a while, but I have done in the past. I am saving up with the girlfriend as we want to buy a house (first time buyer) I don’t really know much about mortgages and stuff, I’m just wondering are there any guidelines or anything? Does gambling have a big impact on you when applying for a mortgage? Like providing statements etc to the bank? Any help would be appreciated 2 Quote Link to comment Share on other sites More sharing options...
Kinkerbells Posted November 9, 2020 Share Posted November 9, 2020 I can't help with this topic but welcome to the forum. 2 Quote Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2020 Share Posted November 9, 2020 5 minutes ago, Jordanbroady11 said: Hi TGC, I am just wondering if anyone can give me advise/information on the implications of gambling when applying for a mortgage? I am not gambling right now and haven’t been for a while, but I have done in the past. I am saving up with the girlfriend as we want to buy a house (first time buyer) I don’t really know much about mortgages and stuff, I’m just wondering are there any guidelines or anything? Does gambling have a big impact on you when applying for a mortgage? Like providing statements etc to the bank? Any help would be appreciated Hi You must not have any gambling transactions on any bank statements! You will get turned down. A big no no Quote Link to comment Share on other sites More sharing options...
Jordanbroady11 Posted November 9, 2020 Author Share Posted November 9, 2020 Just now, Cheryl T said: Hi You must not have any gambling transactions on any bank statements! You will get turned down. A big no no Is there a time period on this? Quote Link to comment Share on other sites More sharing options...
Guest Posted November 9, 2020 Share Posted November 9, 2020 Just now, Jordanbroady11 said: Is there a time period on this? Depends on what the lender requires. For example most want 3 months bank statements and some ask for 6. Your future and step onto the property ladder is your best bet Quote Link to comment Share on other sites More sharing options...
Player1173 Posted November 9, 2020 Share Posted November 9, 2020 Hey @Jordanbroady11 and welcome. Generally any gambling activity will be frowned upon by lenders. As you are a first time buyer they will definately want at least 3 months bank statements minimum, possibly longer depending on the lender. This is to check your saving and spending patterns, and as you will have built up a deposit to put down proof you aren't money laundering.When I bought my first house 10 years ago I had to provide 6 months bank statements, and even remortgaging a couple times since they are stringent. Best tip is keep your accounts clean of all gambling activity as it will only go against you. Best of luck with it all anyway. Quote Link to comment Share on other sites More sharing options...
Jordanbroady11 Posted November 9, 2020 Author Share Posted November 9, 2020 5 minutes ago, Player1173 said: Hey @Jordanbroady11 and welcome. Generally any gambling activity will be frowned upon by lenders. As you are a first time buyer they will definately want at least 3 months bank statements minimum, possibly longer depending on the lender. This is to check your saving and spending patterns, and as you will have built up a deposit to put down proof you aren't money laundering.When I bought my first house 10 years ago I had to provide 6 months bank statements, and even remortgaging a couple times since they are stringent. Best tip is keep your accounts clean of all gambling activity as it will only go against you. Best of luck with it all anyway. Thanks I really appreciate it, for the last 3 months there has been no gambling on my bank statements. So I have at least been doing something right 2 Quote Link to comment Share on other sites More sharing options...
david1111 Posted November 9, 2020 Share Posted November 9, 2020 @Jordanbroady11best to keep your bank clear of any gambling transactions for min 6 months. They take a dim view of it and will likely turn you down even if you pass the credit check 3 Quote Link to comment Share on other sites More sharing options...
ISlot Posted November 10, 2020 Share Posted November 10, 2020 (edited) 11 hours ago, Jordanbroady11 said: Hi TGC, I am just wondering if anyone can give me advise/information on the implications of gambling when applying for a mortgage? I am not gambling right now and haven’t been for a while, but I have done in the past. I am saving up with the girlfriend as we want to buy a house (first time buyer) I don’t really know much about mortgages and stuff, I’m just wondering are there any guidelines or anything? Does gambling have a big impact on you when applying for a mortgage? Like providing statements etc to the bank? Any help would be appreciated last January got my second mortgage,got a mortgage broker told him I gamble he sad dont worry about it,not sure what he did but I got good offer,pay £30k deposit,I dont use much bank to pay for gambling I topup paypal or skrill it show on my bank only paypal or skrill Edited November 10, 2020 by ISlot Quote Link to comment Share on other sites More sharing options...
Douvan Posted November 10, 2020 Share Posted November 10, 2020 Friend Of mine, a very rich friend, is going for his 4th property and each time he’s had to have no transactions on his statement for 3 months. 1 Quote Link to comment Share on other sites More sharing options...
Luke_B_123 Posted November 10, 2020 Share Posted November 10, 2020 If they ever raise it, you need to say its expendable income. If your gambling a lot, or your going into debt / overdraft then they are almost certainly not going to like that. If you can prove that it's not effecting your ability to save a bit and not causing too many issues you might be okay. Best thing to do is cut back like you say for 3-6 months. Alternatively setup another account for your gambling / savings. They will ask you for statements and as long as there's a bill or 2 coming from there (phone bill, monthly transfer etc) its very unlikely they will ask for any other statements Quote Link to comment Share on other sites More sharing options...
RichXTuta Posted November 10, 2020 Share Posted November 10, 2020 Ironically when I applied for a mortgage years back I was probably gambling as little as I ever have, maybe £5 or so on a weekend, maybe the very maximum of £25 - didn't have any concerns with it and was never brought up at any point. 1 Quote Link to comment Share on other sites More sharing options...
Mattowl1867 Posted November 10, 2020 Share Posted November 10, 2020 (edited) Sorry to over ride your original question Jordan, But what do people know about Monzo? I am with them as my main bank, wage goes into there and debits out of it, and gamble wise i transfer to my 'old' Lloyds account and play from there. Am i wasting my time doing it this way, IE is Monzo ever even going to be the kind of bank i can get onto the property ladder with? Any advice would be appreciated thank you : ) GL moving forwards with yours OP! Edited November 10, 2020 by Mattowl1867 1 Quote Link to comment Share on other sites More sharing options...
Luke_B_123 Posted November 10, 2020 Share Posted November 10, 2020 @Mattowl1867 I don't know loads of info about Monzo, but you can get on the property ladder with any bank / mortgage provider regardless if you have bank accounts with them or not. E. G. You bank at HSBC, you have all your accounts / deposit there, and you can get a mortgage with Nationwide no issues. I don't see why the same wouldn't be for Monzo if they don't offer mortgages or a decent deal. The mortgage provider just want to check your elegibility and make sure have the cash. 1 1 Quote Link to comment Share on other sites More sharing options...
Mattowl1867 Posted November 10, 2020 Share Posted November 10, 2020 @Luke_B_123 Wow man, thank you for that brilliant response! Totally clears that up. I'll stick with monzo then as my account with them is totally gamble free! Do you think a mortgage provider in future may question why several transactions a month are of me sending money from my Monzo (a) to my Lloyds (b) for example? As lloyds account is full of deposit as my sole gambling account. 1 Quote Link to comment Share on other sites More sharing options...
philinvicta Posted November 10, 2020 Share Posted November 10, 2020 1 hour ago, Mattowl1867 said: @Luke_B_123 Wow man, thank you for that brilliant response! Totally clears that up. I'll stick with monzo then as my account with them is totally gamble free! Do you think a mortgage provider in future may question why several transactions a month are of me sending money from my Monzo (a) to my Lloyds (b) for example? As lloyds account is full of deposit as my sole gambling account. you do need to be a little careful if you transfer to another bank account they could ask to see statements for that account. it is advisable to try and get 6 months of gamble free statements. It is best to use something like paysafe or when shops open use somebody like Powers where you can deposit and withdraw in the shops for online betting. 1 Quote Link to comment Share on other sites More sharing options...
Mattowl1867 Posted November 10, 2020 Share Posted November 10, 2020 That's interesting and helpful cheers @philinvicta What is Powers? Is that just Paddy Power? Pay in store and play online kinda thing? I think it's gonna be a few more years before I even apply to mortgage but I did want to get all the info and facts right before I begin : ) Quote Link to comment Share on other sites More sharing options...
philinvicta Posted November 10, 2020 Share Posted November 10, 2020 3 minutes ago, Mattowl1867 said: That's interesting and helpful cheers @philinvicta What is Powers? Is that just Paddy Power? Pay in store and play online kinda thing? I think it's gonna be a few more years before I even apply to mortgage but I did want to get all the info and facts right before I begin : ) Powers is Paddy Powers yes. In Ireland you must have clean statements for 6 months as all banks do not like gambling transactions when considering a mortgage application. Paddy Powers and Boylesports and most other bookmakers have in shop deposits and withdrawals to help with this. 1 Quote Link to comment Share on other sites More sharing options...
RichXTuta Posted November 11, 2020 Share Posted November 11, 2020 It is tricky. They're doing an honest risk assessment because they want to know you're good to pay back what is normally, an enormous amount of money. It's always better to do it on another account and keep the transfers to the account low, if they want to ask, they're going to find out really. And if your account is littered with gambling transactions, it's going to make things difficult, inevitably if you're making a purchase of that size, it's a good opportunity to clear the slate, in real world terms. I say that with 7 years experience in banking work. Quote Link to comment Share on other sites More sharing options...
NoLuck Posted December 29, 2020 Share Posted December 29, 2020 On 09/11/2020 at 22:31, Jordanbroady11 said: Hi TGC, I am just wondering if anyone can give me advise/information on the implications of gambling when applying for a mortgage? I am not gambling right now and haven’t been for a while, but I have done in the past. I am saving up with the girlfriend as we want to buy a house (first time buyer) I don’t really know much about mortgages and stuff, I’m just wondering are there any guidelines or anything? Does gambling have a big impact on you when applying for a mortgage? Like providing statements etc to the bank? Any help would be appreciated Hi, I am new here but I think you should talk to a certified specialist. In my location those are financial advisors in some well known firms and they provide services free because they live off commisions. They can get you an answer to pretty much anything. I worked there for a year, too. Please do not follow online advice in this area and talk to real specialists. Quote Link to comment Share on other sites More sharing options...
tmh91 Posted January 31, 2021 Share Posted January 31, 2021 Not to sure about online casinos for this one however when I handed my 3 months worth of statements there were quite a few payments into the bookies ( Ladbroke and William hills) and the bank manager never batted an eyelid. Presumably they just want to see that you are in control Hope this helps 1 Quote Link to comment Share on other sites More sharing options...
Douvan Posted February 1, 2021 Share Posted February 1, 2021 We're hopefully going for our first in either March or April and our advisor has told us no gambling to show on account for 3/6 months. Luckily i'm with gamstop but thats what he said. 1 Quote Link to comment Share on other sites More sharing options...
david1111 Posted February 1, 2021 Share Posted February 1, 2021 I'm of the opinion that to be safe you should keep your statements clear of any gambling transactions for 6 months. It's not worth the risk for something so important 1 Quote Link to comment Share on other sites More sharing options...
Sirbetsalot Posted February 1, 2021 Share Posted February 1, 2021 On 09/11/2020 at 21:31, Jordanbroady11 said: Hi TGC, I am just wondering if anyone can give me advise/information on the implications of gambling when applying for a mortgage? I am not gambling right now and haven’t been for a while, but I have done in the past. I am saving up with the girlfriend as we want to buy a house (first time buyer) I don’t really know much about mortgages and stuff, I’m just wondering are there any guidelines or anything? Does gambling have a big impact on you when applying for a mortgage? Like providing statements etc to the bank? Any help would be appreciated I’m in the exact same position as you mate, looking to buy first time with my girlfriend in the next year or so. Advice I got was pretty much the same as has been put on here, keep everything clear for 6 months. I went a bit further and stuck a year long cool down on all my online gambling accounts. Pain in the arse now that the gov has put everything on lockdown and I can’t go to the bookies but least I’m saving money Good Luck with whatever you end up doing, my personal advice would be don’t look for a workaround. I looked at using PayPal or setting up another bank account for gambling but in the end I think you’re best just knuckling down and getting offline for the 6 months so you can guarantee you don’t have any issues Quote Link to comment Share on other sites More sharing options...
Davina Posted February 1, 2021 Share Posted February 1, 2021 new poster/member About ten years ago I applied for a mortgage for 125.000 with Barclays which I was accepted for no questions were ever asked of my gambling habits which had numerous deposits of fairly high amounts still gambling up to current day I’m now banking with NatWest and I make sure all my gambling transactions come from one a separate account with NatWest and my wages go into another NatWest account I carried out a credit score the other day and was rated very good I’ve never taken loans or been in debt and no ccj etc so that could be in my favour so unless things have changed and they frown up in gambling deposits you should be ok that’s only my personal experience 1 Quote Link to comment Share on other sites More sharing options...
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