Difficult questions when applying for mortgage
Hopefully this will help or at least make some people aware if they are looking at getting a mortgage soon. After 3 weeks of waiting and after lots of phonecalls and posting documents I have finally had my mortgage application approved.
I thought my betting would never be an issue as I used a dedicated account and Moneybookers where possible. Unfortunately the mortgage company were very stringent in finding out where my 25% deposit had come from.
In reality most of it has come from my betting bankroll and was withdrawn from several accounts to moneybookers and then to savings accounts over the past 6 months. The mortgage company wanted history from savings accounts, which led them to my match betting bank account. Unfortunately they wanted statements from this which showed huge transfers from moneybookers as well as a few deposits to bookies (no where near as many as a year ago fortunately). There was a thread on MSE where some people had had rejections due to betting transactions.
In the end it seems like they have up going through statements and it was not a problem. It was a big relief to get it approved.
I always thought I would never have a problem but from what I can gather the lenders are now required to check out where your deposit has come from - so be careful if you are thinking of applying for a mortgage in the next year.
Well done getting the mortgage..Great advice too..
I reckon these checks are more about spotting money launderers, although I guess some lenders will be put off by MBetters... Certainly worrying.
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