Do Gambling Transactions Look Bad on My Bank Statements?

When lenders are requesting your bank statements, they will be looking into various things. By assessing these bank statements, the lender can get an idea of the type of person you are and how well they would be able to manage their mortgage payments. Through our experience, we have encountered numerous enquiries asked by applicants wondering if gambling transactions look bad on their bank statements.

What Do Lenders Look For On My Bank Statements? | MoneymanTV

Mortgage Questions to Consider

What has it got to do with the lender whether I gamble or not?

As much as gambling can be a risky activity, we are not saying that it is an illegal act, however, lenders do judge applicants in a less favourable light if there are a large amount of gambling transactions in a shot space of time on their bank statements. You might have seen many gambling adverts on TV where they always urge customers to ‘gamble responsibly’, this is something in the mortgage industry we persuade too.

Obviously, it’s not the lender’s job to tell you what to do with your life with your finances or to lecture you on the rights and wrongs of gambling but, they do have a duty to lend responsibly.

Lenders need to demonstrate to the regulators that they are making judicious lending decisions. Therefore, it isn’t entirely unreasonable of them to have similar expectations of the people who are looking to borrow from them. Put it in this perspective, if you were to lend your own money, would you lend money to the individual who gambles or the one who doesn’t?

Is it still possible to get a mortgage if I’ve got gambling transactions on my recent bank statements?

It is not illegal to gamble, therefore, the odd gambling transaction on your bank statement does not automatically mean you will be declined for a mortgage. On the other, these transactions will be judged by the lender as to whether these transactions are rational. Along with this, they will look at the frequency of these transactions, the size of the transactions in relation to the applicant’s income and the overall impact on the balance.

When the transactions are infrequent small amounts that make no big impact on a regular credit bank balance, then they are not likely to be regarded as important. On the other hand, if an applicant gambles most weeks and is constantly in their overdraft, the lender will see this as irresponsible and decline your application.

Is there anything else lenders wouldn’t want to see on my bank statements?

The reason lenders like to look at your bank statement is for them to understand your financial behaviour with managing money and can conclude whether or not they are confident in lending to you.

Lenders are financial institutions that, either directly or as part of a wider group, often sell current accounts, overdraft facilities credit cards and personal loans. With this in mind, you need to understand that these all factor in prudent financial planning. It’s important for a mortgage applicant to look into how these facilities work.

For example, if you occasionally find yourself in overdraft, this is not inherently a bad thing. Whereas regularly exceeding the overdraft limit is not so good. Furthermore, lenders will look for excess overdraft fees or returned direct debits as these would usually show that the account is not well conducted.

Credit transactions from pay-day loan companies; “undisclosed” loan repayments (e.g. if you said on the application that you have no other loans but here appear to be regular loan payment, this could be an issue) is just some of the things to look out for. They would also look out for outstanding missed payments and they might see how much of a typical month is spent overdrawn – i.e. if you only just go into credit on payday and for the rest of the month is overdrawn, how sustainable is this mortgage?

What can I do to improve things?

Be sensible and plan ahead, if possible. Usually, a bank would request up to three months of your most recent bank statements. This will show the lender your salary credits and regular bill payments. Therefore, if you are thinking of applying for a mortgage in the distant future make sure that you avoid any of the above pitfalls. It’s best that you take a break from gambling for a short time and work on presenting your bank account in the best possible light.

There are a number of lenders out there who may ask for fewer bank statements than others or some may not ask them at all, this is something a mortgage broker could help you with. Despite this, these lenders do still have the right to request bank statements in particular circumstances so it’s best you are prudent in the run-up to any mortgage application. It’s important you if you do gamble, please gamble responsibly!

Get in Touch With a Mortgage Broker in York

Getting some specialist mortgage advice in AREA will benefit First time Buyer in York like yourselves, especially if you have little knowledge about mortgages. They can provide a helping hand with your application and look impressionable to lenders. Simply book online your free mortgage appointment to speak with one of our mortgage advisors in York today.

Removing a Name from a Mortgage in York

Specialist Mortgage Advice in York

Removing a name from a mortgage

When it comes to removing a name from a mortgage, it isn’t as straightforward as it sounds. Many look at this option if they are going through a break-up, marital or otherwise, leaving joint ownership, or a rare case where you rather have the mortgage in one name.

Whatever the reason is, we have a team of hard working Mortgage Advisors in York who work around the clock to help you out by using their extensive experience as well as support you through financial separation.

Why would you want to remove a name from a mortgage?

Divorce & Separation

This circumstance is one that we find is the most common. In some cases, a couple were tied to the mortgage but are looking to remove a name because they are getting divorcing/separating. Financial commitments should be a priority to sort out when going through a breakup.

If you do leave this until the last minute can create a lot of added stress that could have been avoided. You need to factor in time for the different companies you are financially tied to, like your mortgage lender, to process everything. This is something that will take time so be patient.

From your mortgage lender’s point of view, they will need to be sure that both parties will be able financially comfortable with only one income to draw from. For the remaining one on the property, lenders will need to be sure that they will be able to manage the monthly mortgage payments by themselves.

When it comes to taking a name from a mortgage, both parties will need to agree. Therefore, if one party disagrees, you will have to go through court proceedings. This can be costly, time-consuming and cause unnecessary negativity.

You will definitely find Specialist Mortgage Advice in York helpful if you are going through a difficult divorce or separation. Our team will be available to help sort out your mortgage.

Transferring to a Family Member or Friend

This type of process is one that is surprisingly more simple than you would think, especially, with the assistance of a hard working Mortgage Broker in York.

This would involve the homeowner transferring equity to whomever they wish, whether it’s a family member or a friend. The mortgage will get transferred with the equity still inside of the home. As the new owner of the home, you will have to pass the lender’s eligibility and affordability checks.

A Party is Not Paying Their Share

When a member of the party isn’t keeping up with their end of the deal, the financial association can cause you problems. As an experienced Mortgage Broker in York, we have encountered this often and it’s usually because some of the party have fallen out.

If one person misses their bills, this may affect you also. One vital point you need to keep in mind is that signing for a mortgage with multiple names does mean you need to put your trust in their ability to manage their payments. If they miss any payments, it won’t only affect their credit score, but yours too.

If you find yourself in this situation, it’s wise that you get in touch with your lender. Another option that could be helpful to you is getting in touch with a Mortgage Advisor in York to see what you can do before the problem gets worse.

How easy is it to remove a name from a mortgage?

It may be clear that you are able to manage your monthly payments and have a good track record, but it’s that view your current situation from a lender’s perspective. You are still asking the lender to trust one income rather than two (or more if it’s joint mortgage) that they had originally.

A mortgage lender would favour the idea of both names being on the mortgage in order to improve financial security. Furthermore, they will want some form of a financial blanket if mortgage arrears or repossession occurs, as they will be able to chase two parties for payments. As well as this, the chances of being paid are reduced if there is only one party.

Removing a party comes down to affordability. In the case where you would like the home to be in your name, without your ex-partner or housemate, you will have to go through all the criteria checks that you would’ve done initially, so you can demonstrate that you are able to keep up with the monthly repayments by yourself.

It depends on the lender and your situation as to whether this will possible. It may be beneficial for you to seek help and support from a reputable Mortgage Broker in York.

You may find that, after speaking to an advisor, it is more suitable for you to switch mortgage lenders for a better deal in your sole name to ease any ongoing problems.

If you are struggling with this situation, we can help by providing Specialist Mortgage Advice in York in the hopes to relieve some of your stress. Get in touch today to see how we can help with your situation.

Fast & Friendly Mortgage Advice in York

Buying a Property With a Partner or Friend in York?

Buying a Property with Others in York

Here at Yorkmoneyman, we understand that getting onto the property ladder for the first time can be a daunting process for many, in particular, when you’re planning to purchase a property by yourself. Through our experience in dealing with First Time Buyers in York, we find a number of them look to buy a property with a friend or partner if it is appropriate to do so. This is because having two applicants can result in increasing the likelihood of being offered a mortgage as the costs will be split between the two of you.

When it comes to working out your maximum mortgage amounts, lenders will take into account the two incomes. It’s important to understand that if one defaults, the other could also be responsible for the full mortgage. Below we are going to talk about a few points we recommend as a Mortgage Broker in York to be aware of when moving into a property with someone else:

Should I Buy a House With a Friend or Partner? | MoneymanTV

How many people can jointly own a property?

Many lenders will allow a maximum amount of four people to co-own a property. This might sound appealing to some as you will be paying a lot less towards the mortgage, however, there is a higher risk of someone backing out. This is why you need to be careful when choosing who you are purchasing a property with.

You may consider increasing your mortgage further down the line, however, all borrowers will need to agree. From this, it’s important to consider your future and establish the duration you are looking to stay within the property.

Joint tenancy or tenancy in common – what’s the difference?

This option is commonly popular with civil partnerships or married couples. In the unfortunate event of one of you passing away, then the property will automatically be passed to the other owner. The law treats joint tenants act like one. Because of this, joint tenancy can be favoured amongst married couples or applicants.

In instances where you are looking to remortgage or sell the property, both parties need to agree to the decisions prior to proceeding with anything. ‘Tenants in Common’ can be a potential option to choose if you are sharing with a friend or relative. This option is where you both equally own the property.

You aren’t obliged to do so in shares. This is where one party makes a more significant financial input than the other. As a ‘Tenant in Common’, you can act of your own volition. For example, you do have the right to sell or give away your share of the property to another person.

Joint mortgages & removing names

What happens if you have a joint mortgage, but the other parties stop meeting the mortgage payments?

In the case where one of you fails to pay their share of the mortgage, the other(s) will have to contribute to the shortfall in order to pay the full amount. From the start, a mortgage lender will state that all borrowers are mutually and severally liable.

How do I remove my ex-husband/wife from my mortgage?

When you buy a house with a partner it isn’t with the intention of splitting up in the future. It’s a big financial commitment, therefore, any potential changes you want to make in the future can often become a complex situation.

In the circumstance where children are involved, only one person will be staying in the home. There might be a point in time when that person would like to manage the mortgage on their own so will need to seek expert Mortgage Advice in York.

Regardless of whether you have been paying the mortgage without the assistance of your ex, this doesn’t change the point of the application being processed in joint names. Therefore, in the case of mortgage arrears, both of you will be responsible despite only one person keeping up with the payments.

Prior to removing a party from a mortgage, the lender will need to be sure that the remaining applicant can keep up the affordability on their own going forward which will then lead to a full assessment of income. This will still be carried out regardless of whether you have kept up mortgage payments in the past or not.

In some cases, someone can step in to replace the ex-partner such as a family member or a new partner. Through this change, an expert Mortgage Advisor in York is able to help you with this change.

How do I remove my name from my ex-partner’s mortgage?

Remember, all parties remain responsible for any joint financial commitment, even in the case of a separation/divorce. This is regardless of whether a person leaves the family home and even if both parties come to an agreement that one person will make up the payments.

In terms of purchasing a new property, the mortgage payments on the old property will be accounted for. This means that it’s key that a person should get Mortgage Advice in York before making an offer if you are in this situation. When it comes to the amount you could borrow does depend on how generous the lender is. Here at Yorkmoneyman, we will keep this in mind when recommending the most appropriate lender to apply for a Mortgage Agreement in Principle with.

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