Mortgage Application with One Paddy Power Transaction??

The Toffees

Hey all,

I am in the process of getting information together to apply for a mortgage. On reviewing my credit card statements for the last 3 months (which the bank will require) I noticed that I have one PP Online transaction for €20 in those 3 months.

I have heard that banks look unfavourably on PP Online transactions, but surely one transaction in the 3 month period will not hold against me, will it?

Any insight from anyone in the same position that has applied for a mortgage would be greatly appreciated.

Michael D Not Higgins

One transaction probably won't be a problem, but if it's evidence of several issues they have with your application it could be. Mortgage applications are viewed holistically and I doubt a €20 punt on the Grand National is something they'll refuse a mortgage over

Eldarion

One transaction should be fine. It might prompt them to ask for 6 months though. It's certainly not going to help you though, we've seen instances on these boards already of people with almost picturesque mortgage applications being declined.

Keep it off your current account! I've been saying it to people for years and they're always surprised when it comes back at them.

The Toffees

Michael D Not Higgins wrote: »

One transaction probably won't be a problem, but if it's evidence of several issues they have with your application it could be. Mortgage applications are viewed holistically and I doubt a €20 punt on the Grand National is something they'll refuse a mortgage over

I don't forsee any other issues other than this one pp transaction.

Michael D Not Higgins

Eldarion wrote: »

One transaction should be fine. It might prompt them to ask for 6 months though.

Good point. OP, check you statements for the last year for anything else suspect.

mightyreds

I got my mortgage last June both me and my girlfriend had 1 paddy power transaction, nothing was ever said about them.

The Toffees

mightyreds wrote: »

I got my mortgage last June both me and my girlfriend had 1 paddy power transaction, nothing was ever said about them.

Thanks for your post, that gives me some reassurance.

I've been reading this a lot on threads here and I think its a bit crazy how a bank could hold small time betting against someone, for instance I'd probably have a few transactions a week into (and out) of my account 10 euro here 10 euro there etc. Fair enough if someone is lodging 100's a week etc and showing signs of being a serious gambler but small lodgements and maybe an odd bigger one for something like cheltenham to last the week, I cant see why they should be allowed use it for grounds for refusal.

Its good that its been highlighted though as I'm trying to change back to doing my bets in the bookies or else lodging and withdrawing to my account using the cash card so that I wont get bitten down the line when the time comes that I will be looking for a mortgage.

L1011

A few tenners a week is for some people the start of problem gambling; the bank isn't interested in checking to see if it was a few tenners a week for the past decade or whether it started as one tenner six months ago and is on a trajectory to a hundred. I would very much expect someone making that number of transactions to be refused for that reason.

If you're applying for a mortgage and are going to keep gambling, lodge cash in a bookies and take payouts via a bookies. Cash coming back in on to a card at all will show where it came from and gambling winnings are specifically excluded from acceptable cash for deposits.

Barely There

Certainly wasn't an issue with my mortgage application 18months ago or so. I would have the odd PP transaction, nothing big maybe €20 every couple of months.

The banks wouldn't be concerned with small amounts like this - I think there's a lot of urban legend/scare-stories knocking around the internet on this issue.

Wabbit Ears

The PP transactions were not really a huge issue for Mortgage applications, this all came about when people were looking for dept forgiveness and had Sky sports subscriptions and regular PP transactions whilst claiming they are broke.

TheDriver

Still safer to keep the nose clean in the run up to an application. You don't want to give them excuses or reasons.....

TheDriver

TheDriver wrote: »

Still safer to keep the nose clean in the run up to an application. You don't want to give them excuses or reasons.....

I think its the safest option. Bookies with cash and lodge and withdraw with the cash card. Just annoying as you cant do a quick lodgement for a last minute bet etc. I'm more than likely not looking at applying for a mortgage in the short term but its something to keep in mind.

I just find it a bit silly really to use a few quid a week going into a PP account against someone when, for instance, they have no way of knowing where the few 100 euro here and there that we all withdraw from atms every month is going.

Ciaran_B

I recently finished buying my first house and had no problem with the mortgage application. Despite multiple Betfair transactions (credit and debit) on the statements I gave the bank.

yllw.ldbttr

Same here, I had 4 transactions in a 6 month period and it did not impact mortgage approval.

(Not sure if it matters but I'd won and withdrawn more than I put in).

discombobulate

Do they also check credit card transactions?

yllw.ldbttr

discombobulate wrote: »

Do they also check credit card transactions?

Yes, I had to give three months of cc statements, preferably with zero balances.