Anyone had to 'proof' their Betfair income to a financial institution?

[jimibt]

From bits I've been reading it really shouldn't be a problem and little more than a letter to confirm the money is a non returnable gift etc and maybe letter from BF/Bank to confirm funds have come from Betfair and not some crack house.

You certainly should have a letter confirming it is a gift (remember that it may need to be disclosed to HMRC as a gift in lifetime (gift inter vivos) depending on amount).

As mentioned strongly recommend not mentioning betfair, layer it through something else like an investment account and say it’s savings, in the current market they may just say no if you mention betfair.

And while I see the need to be open and frank about it I agree with LinusP I wouldn't volunteer it … half those working for solicitors/banks don't understand the difference between betting and gambling and still think it's a mugs game and the other half will see you as a money launderer for sure! I applied for a BTL mortgage years ago and they wanted to see copies of my last 3 months bank statements and despite the payments to/from bookies and Betfair showed a cash flow profit they turned me down because I was "clearly addicted to gambling"!

why don't you (or didn't you) keep two bank accounts - definitely you don't want to be mixing your betfair inputs/outputs in an account that may need to prove income/expenditure..

[firlandsfarm]

why don't you (or didn't you) keep two bank accounts - definitely you don't want to be mixing your betfair inputs/outputs in an account that may need to prove income/expenditure..

I was betting before I started BTL'ing! Never expected to need another mortgage and in any event never expected to have to produce bank statements. Previous mortgages were on a self certification basis so I was caught with my proverbials down!

[Grinderman]

I have 2 current accounts with the same bank. Both with big overdraft facilities from when I used to have a well paid 'propper' job. What I have done for years is overdraw about £15k on a Saturday or for big meetings to boost my Betfair bank. Then withdraw it from Betfair straight back in when I had done. As you can imagine, the bank statements look horrendous.

I have a current account with a building society. I keep this as my 'clean' account. Whenever I need to get any kind of credit, this is the one that I show. They don't like to see any kind of gambling transactions - even a little online bingo habit.

About 4 years ago, the bank called me in for an 'account appraisal'. That's it I thought, in trouble now. So I printed out the XL spreadsheets that I maintain for my P&L - 10 years worth, and went in for my appointment. I explained that I had been doing this for years and the only thing keeping my account in credit was my Betfair proceeds. Well, her jaw dropped, she couldn't believe it. I was sat in that little room telling my tale for about an hour.

Afterwards, she shook my hand and told me that it was the most entertaining account appraisal she had ever done. "I can't wait to tell my colleagues" she said.

I went home and waited for the fallout. To this day, I never heard anything back from it and I still have my overdrafts.

[TheRiddler]

Buy the property for them . They then pay you per month under contract. That's what I did with my seven.

I'd still have to proof the money to buy the property though and much rather they had some financial responsiblities for their own long term credit history etc.

Bit late to post this (not a frequent user/reader of forums). Should have made clear that my transactions all completed outside of UK as I'm not a national. I will not add as more than likely you will have reached a solution by now. Good luck - TR.