Do Mortgage providers care about cash withdrawals for punting?

[bgs117]

I'm looking at getting my own place in the next year or two and saw that providers look at cash withdrawal habits. I'm concerned they're going to ask about cash withdrawals to pay for punts.

Has anyone had any experience with this? How much do they dig into it? Also a bit concerned that it would come up if I got into a joint mortgage with a future partner.

Any advice or tips to minimise questions is massively appreciated!

[RandomGuy99]

Yes, as it's all part of your spending

[Garyhart]

Agreed with randomguy99 but it depends on how much of your total income it represents. If it’s a tiny portion then it’s nothing to worry about. If you’re about to get a joint mortgage and good chunk is going out frequently, I’d be more worried about explaining that to the person you’re getting a joint mortgage with.

[Jonestown]

I would imagine all they want to see is that there is sufficient surplus of income over outgoings to finance any loan they may be asked to provide. As long as there is that surplus I doubt they would dig any further.

[bigden40]

You don’t have to say what your withdrawals are for, it’s just general “social spending”.

You don’t have to tell anyone that you’re punting so fail to see what impact it would have on a joint mortgage

[LLPunting]

How often are you withdrawing and how much at a time for punting?
Given the size of mortgage you think you'll be needing how much are your repayments likely to be at the least? 
Would your bank balance still be comfortably flush every month considering all your other spending commitments?

[pantywetter]

I have had to hand over bank statements with multiple £300 per week cash withdrawals from the same Earl’s Court cash machine.
It’s gone through but I’ve been very self conscious about it. 

[Ivor Hunch]

handouts to homeless

[paul_2407]

I'm looking at getting my own place in the next year or two and saw that providers look at cash withdrawal habits. I'm concerned they're going to ask about cash withdrawals to pay for punts.

Has anyone had any experience with this? How much do they dig into it? Also a bit concerned that it would come up if I got into a joint mortgage with a future partner.

Any advice or tips to minimise questions is massively appreciated!

Only questions that’d arise may be from your partner if your stated income and theirs do not together allow you to afford the maximum loan amount (typically 4-5x gross). If all expenses are joint other than withdrawals then that may take some explaining.

If you’re borrowing less than your theoretical max then the outgoings will probably be fine. The mortgage provider would just treat the outgoings as a recurring expense that reduces their calculations of your available income (in the way they often ask you to declare how large your typical credit card bill is, any childcare or other loan repayment you have, etc.)

[Munter84]

Get cashback at the till when you do your big grocery shop.

[Slowjoe]

handouts to homeless

Mortgage approval isn't an issue for me but I've often wondered what excuse I would use if ever challenged. Closet gambling was plan a, but now I'm going to be a homeless helper. 

[Stevelondon]

What’s a mortgage ?

[shant999]

Mortgage approval isn't an issue for me but I've often wondered what excuse I would use if ever challenged. Closet gambling was plan a, but now I'm going to be a homeless helper. 

Breaking Bad comes mind with gambling addiction 

Brokers and lenders usually only check last four months bank statements. If you can hold out you shoul be fine. Only if you have bad credit rating woudl they go back more and even then as mentioned before only reduces the amount yo can borrow.

[schlong118118]

I'm looking at getting my own place in the next year or two and saw that providers look at cash withdrawal habits. I'm concerned they're going to ask about cash withdrawals to pay for punts.

Has anyone had any experience with this? How much do they dig into it? Also a bit concerned that it would come up if I got into a joint mortgage with a future partner.

Any advice or tips to minimise questions is massively appreciated!

they ask you about outgoing costs and they will ask for last few months of bank statements. they don't need to know what your cash withdrawals  for though, they just have stress tests to make sure you can meet the payments. 

[webpunter]

I'd get something like a Revolut card [with a physical card] or similar
Then its transfers to Revolut for CP withdrawls
Which will attract less attention which i cant see there being much of

[bgs117]

Thanks lads for the comments and advice. Had a bit of an oh shit moment thinking they were going to ask for years of statements.

From what's been said I think I'm ok as it's just me and doesn't represent a significant dent in my take-home

[casio38]

Should not be an issue for mortgages unless you are doing cash withdrawals via credit cards.

[Mr333]

Just say you're a charitable kind of chap and like giving to deserving good causes!!  You wouldn't be lying!!