Mortgage deposit with gambling winnings

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Djb1611

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This might sound like a stupid thread, but i have been gambling online since covid began and I’m after winning just over 60k euros in the space of a year and a half, I’m going to quit while im ahead and would like to use that as a deposit for a mortgage? If I wait for a year, Will they look for bank statements for more than a year and question where I got the money from? Because obviously gambling and mortgages dont usually go down to well? Any advice would be much appreciated?
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My memory is that six months bank statements are asked for; but you might want to wait 12 months to make sure that there are no more references to gambling purchases.

Assuming your winnings are now lodged in a regular bank I don't see an issue from mortgage perspective.

If you ever feel the urge to gamble again, buy some shares instead!
 
Thirsty said:
My memory is that six months bank statements are asked for; but you might want to wait 12 months to make sure that there are no more references to gambling purchases.

Assuming your winnings are now lodged in a regular bank I don't see an issue from mortgage perspective.

If you ever feel the urge to gamble again, buy some shares instead!
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In reality, +1 to the advice above. As long as the amount won could've been realistically saved in the past, the bank won't interrogate anything beyond the standard six month or so.
 
It's a little while but boi made us show the source of our savings...right back to the ssia account I had started ten years previously.
 
I guess the different banks will have different policies but I was quizzed a *lot* on historic sources of savings (how they built up over time, a gift given by a relative in the past, etc.). I think you should wait a year alright but I'm not sure if that'll guarantee they won't probe more. Maybe at that stage, it's worth applying to several banks at once in case they have different policies.
 
There are at least two separate issues here:

  • Lender has to be satisfied that the funds are not proceeds of money laundering (this is a legal requirement). Your solicitor is also legally obliged to check this, although in practice they may not;
  • Lender has be satisfied that you are a good prospect for a loan (this is a business question).
I have no direct experience, but for both of these a claim of €60k gambling winnings will prompt a lot of questions from a lender.
 
I am in a very similar situation to the OP here, with an amount greater than what he has quoted coming from gambling wins over the years.
Am currently waiting on mortgage approval, broker advised me to wait until the accounts were "Clean" for over 6 months, which I have done.
I am old enough to have possibly saved the amount in question over the years, I just hope they will not ask for proof of funds.

Before the 6 months had passed, one broker had indicated to me that I should give it a go, and be open about where it came from, while also stating that I had quit gambling, and have bookmakers statements to prove this.
However another broker reminded me that if you get turned down by 1 lender, the next lender you approach will look into why you were turned down..

Djb1611 out of interest, what have you been gambling on?!​

 
The_Cash_Man said:
while also stating that I had quit gambling, and have bookmakers statements to prove this.
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A statement that you are not currently gambling via an account is not proof you have quit gambling. Most bookies would provide one of those and take 10k in cash off you the same day!
 
I would be fairly sure that amounts of €60,000.00 and over will be reported to the revenue by the financial institutions. That's when you'll need proof of funds. If done on-line there should be a trail of sorts, if not, you'll need proof of funds.
 
Are you not better off to just see if you can use the bare minimum for a deposit, ringfence the rest somewhere and use it to pay down some of the mortgage in a couple of years? You don't have to declare everything on the mortgage form
 
Personally I’d start filtering the €60k into another account to create a pattern of regular saving.

e.g. transfer €36k into a new deposit account, and then ‘save’ €2k a month for just over a year, or whatever the right number is.

Then any observation of six months’ statements or even one year’s won’t look weird.

Unless you’re not earning enough to save those amounts in the first place of course. In which case getting a parent to certify it as a gift might help.
 
Peanuts20 said:
Are you not better off to just see if you can use the bare minimum for a deposit, ringfence the rest somewhere and use it to pay down some of the mortgage in a couple of years? You don't have to declare everything on the mortgage form
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that's a good suggestion; avoids any explanations.
 
misemoi said:
It's a little while but boi made us show the source of our savings...right back to the ssia account I had started ten years previously.
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Me too, also a while ago.

Back when a thing called "interest rates" existed I used to move my savings around a lot to benefit.

BoI needed a lot of explanation to prove there was a regular pattern of saving. IIRC going back two years.
 
MugsGame said:
Or cause you gift/inheritance tax issues down the line, as it will reduce your tax free threshold.
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No it doesn’t.

For example, parents lend their kids money reasonably regularly in circumstances where the bank is told that it’s a gift.

The substance of what has actually happened is what’s relevant.

What exactly are you suggesting might happen? That the bank would somehow tell Revenue that it was a gift?

It’s the OP’s own money :)
 
NoRegretsCoyote said:
Me too, also a while ago.

Back when a thing called "interest rates" existed I used to move my savings around a lot to benefit.

BoI needed a lot of explanation to prove there was a regular pattern of saving. IIRC going back two years.
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My poor husband still has trauma from having to track the money as we moved it around chasing rates! I found the spreadsheet recently, it was a map of our lives, where we lived, got married, bought cars etc. All cash in & out & savings moving from bank to bank!
 
Gordon Gekko said:
What exactly are you suggesting might happen? That the bank would somehow tell Revenue that it was a gift?
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Yes. Or a disgruntled relative. "We lied to the bank, but we're telling you the truth Mr. Tax Inspector, honest". I wouldn't risk it.
 
Gordon Gekko said:
getting a parent to certify it as a gift might help.
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Said certification is a fact that might be of interest to Revenue. The fact that you later claim it was a spoof (when said parent might sadly no longer be around to corroborate your new version of events) seems to make it more substantial, not less. We don't know what records Revenue may have access to in future, and what they may rely on to establish "facts". Like I say, I wouldn't risk it.

You shouldn't make regular savings from the lump sum either, as they might be assessed for income tax. Alright, I'm spoofing now :)
 
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