Mortgage and lotto playing

[notnow86]

Hi all

Just made an offer on a house and it's been accepted. Great

What's not so great is that over the past 3 months I've become a little addicted to playing the lotto

Just had a look at my statements - shocked. Wtf was I doing?

£5 payments a few times a day every few days

Will this affect me? Probably 🤦🏻‍♀️

Bump

Yeah I'd be concerned if I was looking at a statement showing that to be fair

Depends but they don't like gambling it's risky

Just stop doing it now and in 3 months time it'll be clear. You should be able to string the sale out by 3 months easily - just don't take the initiative in anything and take a week to respond to any emails you get sent about the house. The seller will hopefully be slow too.

Thanks all

I'm sooooo stupid I've never played before maybe once every 3/4 months. And I don't know what came upon me right before applying for a mortgage.

I think purposefully adding an extra 3 months into your purchase is bad advice.

Your sellers may decide to drop you.

Eek OP that's not great to be honest.We were advised by a mortgage broker friend to cutout things like the lottery, takeaways and frivolous spending for 3 months before applying. Although If you have a healthy bank balance and this isn't leaving you looking short then it may not be a problem!

Were your takeaways stretching you beyond your means? Surely the logic is you just start paying cash though, if your lender is that strict.

No it wasn't really stretching us, but she told us for the stress test element of the application it was good to not have too much frivolous type spending on the account. This was last year too before the cost of living crisis and the rise in mortgage interest rates, so I imagine it's even stricter now. Hopefully the OP has a good mortgage broker who will know which lender is more lax about that kind of spending.

@minuette1 I just find it really strange as we didn't have any of that with ours and we've literally just bought a new house. We didn't go through a broker so I wonder if they're more cautious as they can't control what the lender does

You may find it strange but that's the advice we were given. I guess why else do mortgage providers want to see detailed bank statements if they are not scrutinising your spending? Otherwise payslips and bank balances would be all they needed. Maybe something to do with brokers being more cautious as you say, although our broker got us £50k more than the bank offered us directly so I'm happy we followed their advice :)

You can't string it out 12 weeks between making an offer and applying for a mortgage offer (which is where the bank statements would be looked at). No seller in their right mind wouldn't drop you

It will depend how your affordability looks to the lender but the most important thing is to stop, now, so at least within weeks your bank statements will improve, and to be honest, more importantly, it stops you developing a habit that might affect far more of your life than buying this house. Well done for spotting the habit and addressing it quickly OP.

Unless it’s tipped you into your overdraft I honestly don’t think they will care.

what you choose to spend money on (within your means) is your business.

When we bought we borrowed the max we
could and didn’t cut back on anything, as I didn’t want to ‘pretend’ and then get in trouble later.

The mortgage advisor was only really interested in pay slips and debt.

Thank you everyone.

I've deleted the app so I won't be playing anymore.
I came clear to my DH that I've been spending probably £50-£60 a month over the last 3 months and he seems to still think it's going to be ok 😭🙏 as he says some people spend that money on coffee or work lunches etc.

I'm so stupid though. It's shocking how addictive it can be and how you get sucked In. 2 months ago I won £100 so I convinced myself i can win more 😵 silly of me
Never again.

Fingers crossed I don't F up this buy as I'd never forgive myself 😞

It could well be OK - my wedding was a month after we moved so I had all kinds of weird transfers going out of my bank account when I handed statements over to the mortgage broker and they weren't queried at all. I shouldn't think £50-60 would matter in the scheme of things.

As long as you still have a healthy bank balance and affordability then you’ll be fine.

We did the old not spend much for 3 months before applying for a mortgage. We then made up for it by having a spendy 2 months, including a 3k holiday and loads of holiday clothes, lots of dinners outs and takeaways. As it happens it all fell through and we had to reapply for a new property at the end of the spendy 2 months!

I was scared shitless but just found out we were approved today!