Poker deposits and mortgage appllications.........

ShaunyT

Strange title I know.

Thin brag to kick off with, I don't deposit that often, but my roll is getting a bit low due to a stupid night on Omaha cash tables, I was wondering about depositing, then something made me think........

Just before Christmas I went to look at a new housing development. The house I want will be ready (hopefully) around October time. The lady in the sales office was talking about the process of reserving a plot and the fact you need to go through an affordability check with their financial advisors before you can reserve, this is before applying for a mortgage with a bank.
Now I'm very "au fait" with mortgages and I know financial regulations have tightened even more. The lady mentioned they scrutinise EVERY transaction. She mentioned betting and bingo (not poker funnily enough) and how they look bad on an application.

I was just wondering if anybody has had any experience of difficulties along the lines I'm talking about?

FlyingDagg

Not exactly the same thing but I was firmly told by the job centre that Poker doesn't look good on a CV.

Enut

I have sent you a PM rather than post comments on a public forum. I hope it helps.

ShaunyT

Thanks for the info enut. Much appreciated.

@dagg. Crazy that int it. Funny how poker is so misunderstood

Ben444

In excess of 95% of people who are on gambling sites lose money so its not surprising they take a dim view of them.

Nuggy962

Hi

I recently got a mortgage, They want 3 months of statements.

They are looking more so at regualr costs / transactions.  Foor examle - if you are depositing £200 a month they will simply add that on as a fixed cost like bills / loans etc.

If it is a one off, well they will not care.  I had multiple deposits and withdrew too and they said nothing.  Ultimately it depends on how much you are borrowing vs your deposit and income.  If you (and partner if applicable) are borrowing the max you are able too then yes the lender may look more closely.  

If, there is leverage then they are not so concerned.

If worried, then apply for a mortgage now and just hold of depositing until mortgage in principle is sorted.  after that stage checks not done anyore unless runs out of date (few months)

Gbricks and water is a must though and def put that as your priority - house proces will creep up again once the govement changes the law regarding penioners savings.

ACEGOONER

In Response to Poker deposits and mortgage appllications.........:

Strange title I know. Thin brag to kick off with, I don't deposit that often, but my roll is getting a bit low due to a stupid night on Omaha cash tables, I was wondering about depositing, then something made me think........ Just before Christmas I went to look at a new housing development. The house I want will be ready (hopefully) around October time. The lady in the sales office was talking about the process of reserving a plot and the fact you need to go through an affordability check with their financial advisors before you can reserve, this is before applying for a mortgage with a bank. Now I'm very "au fait" with mortgages and I know financial regulations have tightened even more. The lady mentioned they scrutinise EVERY transaction. She mentioned betting and bingo (not poker funnily enough) and how they look bad on an application. I was just wondering if anybody has had any experience of difficulties along the lines I'm talking about?
Posted by ShaunyT

I am sure Enut will have answered your question thoroughly, but as others have said tightening of mortgage regulations mean that they scrutinise everything that leaves your bank account for at least three months. 

As sky poker is part of a gaming stable, regardless of what you use a deposit for, they won't look at it favourably if it is a regular thing. Even if it was a poker only site, it's still an outgoing and would definitely put an underwriter on alert with regards to the risk of lending you money. 

Just missing one mobile phone payment can jeopardise a mortgage application these days. 

FlashFlush

Interesting thread as I am starting to look into buying a house. I bet they don't look at money coming into your account from betting sites as much as going out do they! lol

hhyftrftdr

In Response to Re: Poker deposits and mortgage appllications.........:

Interesting thread as I am starting to look into buying a house. I bet they don't look at money coming into your account from betting sites as much as going out do they! lol
Posted by FlashFlush

Might as well be posting in French.

Au revoir.

Slykllist

In Response to Re: Poker deposits and mortgage appllications.........:

I have sent you a PM rather than post comments on a public forum. I hope it helps.
Posted by Enut

Could you possibly post the same thing to me please as I'll be applying for new mortgages in the near future.

Enut

In Response to Re: Poker deposits and mortgage appllications.........:

In Response to Re: Poker deposits and mortgage appllications......... : Could you possibly post the same thing to me please as I'll be applying for new mortgages in the near future.
Posted by Slykllist

pm sent.

Phantom66

Hi Enut. I'll keep this simple and generic leave out the poker is a game of skill + luck argument.

Let's use something that is luck only...

Person A spends £20 a week playing bingo

Person B spends £20 a week going to the cinema

assuming both can afford this outlay the only difference in financial terms is the bingo player is going to win sometimes so their average outlay is actually a lot less than the cinema goer. 

Could the bingo player in theory be refused a mortgage that the cinema goer would get assuming all other things equal?

And what about online v live - If the bingo player plays cash - surely they dont have to declare they play bingo just have something in their monthly budget allocated for entertainment?

Online and the deposits will show up.

So could there be a whole knock on effect on the online gambling indusry if people are refused mortgages based on affordable deposits just because of the nature of those deposits?