Applying for a mortgage - betting activity on account

Motivator

I’m finally making shapes towards buying my first house but I’m worried about betting account activity on my statements. I have a couple of betting accounts (set up when I worked in the industry) and there is often small amounts (€10/€20) deposited to betting accounts and often there are withdrawals back in to my bank account.

We’re not talking serious money and the most I’ve deposited is €100 in one go as I have limits on these accounts - proof can be provided of this.

What are the chances of me getting rejected for a mortgage based on this? Should I wait 6 months before applying instead of being rejected and having to apply again? If I do, would it be a red flag on a second application thus increasing the chances of being rejected again?

My savings are pretty good and I’m very disciplined in terms of saving a set amount - and sometimes extra - each month. The most regular transactions on my account are for shopping in Tesco, petrol stations and the odd meal out. I rarely spend cash and 90% of my spending is done through my card. Should I start withdrawing an allowance each month and limit the activity on my card?

Trish56

Lenders don't like to see gambling activity. They will ignore an odd bet such as Cheltenham etc. but if there are regular transactions on your account I would wait until you have six months statements showing none. If you have one transaction per month over last six months it would be ignored anymore and it could raise red flags.

Using your debit card is fine and if applying for a mortgage you will need to show regular monthly savings equivalent to stressed monthly repayments for minimum of six months.

3DataModem

I worked in payment processing in the gambling business for years (i.e. testing various payment methods regularly), lenders didn't care and just viewed it as gambling. My advice is to have a specific prepaid card or ewallet for gambling.

kerosene

I went to apply for a mortgage approx 2 years ago, and before id actually sat in the seat, the mortgage rep, asked me had i any online betting accounts.

I replied no, she said, someone was in earlier with 3 or 4 accounts on their bank statement and it would be considered a red flag.

I was surprised it was the first question she asked me. I would wait six months and "clean" your bank statement.

IJS84

If you have any online betting accounts in the past 12months it can be red flagged. Recently we got our mortgage and I was Qn'd on a PP account in the year before on my statements, I hadnt used an online account in over a yr. As it was so long since I used it (from a bank statement point) they were satisfied that I said it was closed. If you want a few bets, its probably best to use cash. Each bank looks at it differently tho. so for your own sake id follow the advice and ''clean'' your account for the 6 months, and no more than 2 missed DD payments in the past 12months

Motivator

Thanks very much for the replies. I checked back on my bank statements last night and I’ve quite a lot of betting activity on my account in the last 12 months. Now, it’s not as if I’ve a problem or anything but I suppose the frequency would be where I’d fall down. I certainly wouldn’t like to be sitting in a chair in an office feeling ridiculed for enjoying a past time - not that it would be the intention. I think I’m best off waiting a few months before having a sit down with a mortgage provider for a chat.

If I was to close my betting accounts this week and have proof of this when going to an appointment further down the line would this be a good option? Like I said it’s not as if I have a problem and much of the activity over the last 12 months is small but frequent deposits but i feel it would be a waste of time trying to explain or justify this. As of now, I’m in no immediate rush for an application so might sit tight and cease all activity on my bank account.

Thanks again for the replies.

mycro2013

Motivator wrote: »

Thanks very much for the replies. I checked back on my bank statements last night and I’ve quite a lot of betting activity on my account in the last 12 months. Now, it’s not as if I’ve a problem or anything but I suppose the frequency would be where I’d fall down. I certainly wouldn’t like to be sitting in a chair in an office feeling ridiculed for enjoying a past time - not that it would be the intention. I think I’m best off waiting a few months before having a sit down with a mortgage provider for a chat.

If I was to close my betting accounts this week and have proof of this when going to an appointment further down the line would this be a good option? Like I said it’s not as if I have a problem and much of the activity over the last 12 months is small but frequent deposits but i feel it would be a waste of time trying to explain or justify this. As of now, I’m in no immediate rush for an application so might sit tight and cease all activity on my bank account.

Thanks again for the replies.

Use Boyle sports you deposit to your account in store using cash.

Trish56

I'm sorry to contradict you but Lenders will not ignore regular gambling activity when applying for a mortgage. I deal with nearly all the lenders and it would most certainly raise red flags.

OP you will only need to provide 6 months most recent bank statements however if you apply through your own bank they will still be able to see the gambling activity so best apply elsewhere.

3DataModem wrote: »

I worked in payment processing in the gambling business for years (i.e. testing various payment methods regularly), lenders didn't care and just viewed it as gambling. My advice is to have a specific prepaid card or ewallet for gambling.

Browney7

You could make a one off deposit to Skrill and leave it there and use if for your betting. Banks I'm sure would be against regular deposits or withdrawals from skrill too though!

Cakes and Ale

Does it depend on salary level too? I had a lot of low-level poker deposits/withdrawals (nothing major, was just a recreational player so deposits and withdrawals of c50-100 only) but was never even questioned about it once!

3DataModem

Trish56 wrote: »

I'm sorry to contradict you but Lenders will not ignore regular gambling activity when applying for a mortgage. I deal with nearly all the lenders and it would most certainly raise red flags.

OP you will only need to provide 6 months most recent bank statements however if you apply through your own bank they will still be able to see the gambling activity so best apply elsewhere.

Maybe I wasn't clear in my post - what I am saying is that the lenders didn't care about my reasonable explanation, and treated it as gambling i.e. a black mark even though it was work related.

Sunrise_Sunset

We applied in January. There was one bet made in a betting shop but paid with debit card. They queried it but then ok'ed it as it was only once in the 6 months, and no online betting accounts.