Gambling transactions on current account

pinball11

Quick question I'm applying for a mortgage I had cash saved at home and lodged it too my savings account over 3 months and today they asked where the money came from I said I had it at home and they are now requesting 2 years bank statements.In March 2016 I have 2 Ladbrokes transactions in the same day for €15 And €32,does anyone think this will be a problem an my mortgage approvals?

William Frederick Burton

There are two things going on here.

1. The bank have to satisfy themselves that any large lodgements are not the proceeds of crime, they have to comply with the Anti Money Laundering & Terrorist Financing Act. They want to establish the source of your funds. Ideally, they would like to see evidence of regular salary payments, proceeds of a sale or inheritance.

2. Some banks don't like to see gambling activity of any kind and people looking for mortgages are frequently advised to close betting a/cs.

I would say the priority here is to be able to explain to the bank where you got your money, you also will need to show a source of regular income which indicates you'll be able to make future repayments.

pinball11

Ya I have weekly payments from work paying me my wages and the amount I earned over the last 2 year is much more then I have saved,just wondering will there be a problem?

William Frederick Burton

If you can show that your savings are from your salary that should be fine.

It's hard to know how they will view the betting transactions, some banks are stricter than others. As there are only two small transactions back in 2016 you might be alright but they may insist your close the betting accounts.

0ph0rce0

It's mad to think that a tenner on the national could scupper your chances of owning a house.

All the while the guy that's looking after you is probably sitting in work bangin a few quid on the same thing.


I know a tenner might not mean much but you know what i mean

Best to just withdraw and deal in cash only with the bookies.

pinball11

All accounts are closed since March 2016 so all good there

Trish56

There should be no problem with two betting transactions only in March 2016 especially as lots of people bet on Cheltenham so I think you have nothing to worry about on that front.

Was the amount that you lodged a large amount - lenders want to see savings going from your current account into a savings account. However you can explain to them that you also save cash at home and lodge every few months.