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Author Topic: Bit of an unexpected punting-related problem  (Read 1795 times)

Big Cat

  • Guest
So finally looking to purchase my first flat soon, but was told by my accountant that to get the ball rolling on a mortgage I'd have to print out my last 3 months of bank statements and go through with him and with the bank.

My worry is that I've been on a bit of a punting binge the last 3 months, so every other day I've withdrawn £80-£100 from cash points, and at some points that amount twice within a few hours of each other. My bank statements the last 3 months look pretty unusual, put it that way.

Is this anything I'm going to have to explain? No chance I'm coming out with the truth obviously. Just have no idea which way this is going to go or what I'm going to be required to discuss exactly. Would be great if anyone could advise.

Thanks

raylondoner

  • Guest
They will probably think you have a drug habit, which is worse!

I've never heard of bank statements being required, ask if salary slips will do instead.

Big Cat

  • Guest
^ Yeah that could be a shout, thanks.

Offline finn5555

They will probably think you have a drug habit, which is worse!

I've never heard of bank statements being required, ask if salary slips will do instead.

They do ask for 3 months of statements nowadays. They only want to see what comes in and what goes out. I doubt they care where you spend it  :hi:

Offline Jimmyredcab

Not to worry, they will assume you have a gambling addiction.      :hi: :hi:

Offline JR

I'm no expert but since April 2014 the lenders have to interview you to check that you can cope with the repayments. less about what you earn and more about how much of it you spend already without mortgage repayments. Affordability checks.
Have a quick look at:
External Link/Members Only

Offline JR

It may help if you older statements to hand that don't show this sort of spending? Have you managed regular savings recently?

Offline Happyjose

You're paying your accountant - let him/her think of something.

Otherwise, how about a combination of buying foreign currency on the High St for an upcoming holiday, and buying second hand goods from Gumtree to sell on a website you're going to set up as a business sideline
« Last Edit: June 11, 2015, 02:55:38 pm by Happyjose »

Offline TKovac

Following on from above just claim you are buying second hand furniture for the new flat. Wouldn't claim you are starting a buissnes with it as they might then ask you for a buissnes s case  :scare:
Banned reason: Excessive abuse to helpful member, ignored repeated requests to apologise
Banned by: daviemac

Offline RedKettle

you are the customer do not get defensive.

just say that it is discretionary spending and that you are able to decide whether to spend it or not and therefore it is not a factor in the lending decision.  If you can evidence that it is only relevant for last few months that would be helpful

If you can stop it for a month before the meeting great.

Offline PLeisure

Yes, s/h goods is entirely plausible.

Once you're in the property and continue to withdraw cash you can explain it as small cash jobs for the builder. Long as HMRC don't request builder's contact deets, you're good.

My builder is Polish. Somehow I've got it in my head that the Polski prossie I'm plugging is his daughter. Helps justify the expense  :lol:

Offline threechilliman

Just look him in the eye and tell him you've been on a punting spree. He'll quickly move on to the next question, unless he punts to, of course. In which case you can compare notes or perhaps set up an mmf. He's likely to approve your application if you have a common hobby. :thumbsup:

tcm

Offline PLeisure


Offline NelsonH

Absolutely right tell the truth.

I'd say do you insist I tell you and if he does, I'd just say "prostitutes".

They are concerned about fixed commitments that you can't get out of.
Child maintenance, other loans etc.

Punts are a long way from this.


tallguy74

  • Guest

Big Cat

  • Guest
Cheers for the advice everyone - definitely some helpful tips here. I know there's no harm done if I tell the truth but just looking to avoid any awkwardness really. Think I'll just be firm about the fact it's discretion spending which I can back up as my pre-punt bank statements certainly show me to be a money-saving individual.

Just look him in the eye and tell him you've been on a punting spree. He'll quickly move on to the next question, unless he punts to, of course. In which case you can compare notes or perhaps set up an mmf. He's likely to approve your application if you have a common hobby. :thumbsup:

 :D If only there were a magical key word I could drop into conversation

Thanks all, again. Mind at ease.  :drinks:


SirFrank

  • Guest
Most banks are generally interested in ability to repay the loan - so credit score, how much comes in and how much goes out formally on DD, standing orders etc. just say you've been buying shit for your new gaff if they ask