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

[spreadbetting]

My kid's looking to buy a house so I'll probably give them a decent deposit as you can't buy much in London for their income/job history as they've only recently left uni. Pretty sure any mortgage company will make inquiries due to money laundering regs just wondered if anyone had been through the same situation and what details they used. My online banking has statements going back around 10 years and all my Betfair winnnings have gone through one account so surely that bank would have done any due diligence checks already regarding my income/savings, or should have.

[TraderFred]

I’m not that up on this, though someone I know has recently gone through something similar. They had their mortgage denied as the banks wouldn’t accept a guarantee from their parents.

I think the money had to be in their own name, so you may end up just having to gift the income, rather than prove it to the bank for a mortgage.

Every lender is different though, so it depends where you go and who you speak to. I think a lot of them are tightening up though, doing extra checks, and some insist the money is in the bank account of the person taking out the mortgage, not the guarantor.

[spreadbetting]

Thanks, I'd be giving them the money to put down as a deposit not acting as a guarantor, I'd have no financial interest in the property. I'd just imagine the banks would want to know why they had such a large deposit and where it'd come from etc

[TheRiddler]

My kid's looking to buy a house so I'll probably give them a decent deposit as you can't buy much in London for their income/job history as they've only recently left uni. Pretty sure any mortgage company will make inquiries due to money laundering regs just wondered if anyone had been through the same situation and what details they used. My online banking has statements going back around 10 years and all my Betfair winnnings have gone through one account so surely that bank would have done any due diligence checks already regarding my income/savings, or should have.

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

[TraderFred]

Yes, in this case they had to do similar. In the end their parents gifted them the money, so in effect became their lender.

I think the person doing the gifting did have to go to the solicitors with proof that they had the money, though I think they just had to show bank statements. And I’m not sure how the person gifting made their money, though pretty sure they didn’t make it on betfair, so yours might be a different case.

Sure somebody better informed will be along to help you soon though.

[TraderFred]

MSE forum is good for those sort of queries, loads of info and advice on there.

[spreadbetting]

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.

MSE forum is good for those sort of queries, loads of info and advice on there.

Thanks I'll take a look.

[Dallas]

Thanks, I'd be giving them the money to put down as a deposit not acting as a guarantor, I'd have no financial interest in the property. I'd just imagine the banks would want to know why they had such a large deposit and where it'd come from etc

If your thinking far enough ahead gift them it now while they are still looking for a house so it's in a saving account in their name, 6 -12 mths down the line they could pass it as there own money saved up (esp if it's moved to another savings account also in their name after a few months).

Some lenders don't look favorably on 'gifted' money for deposits around the time of application as they see the buyers as still not having any of their 'own' money invested so still consider them slightly riskier.

[spreadbetting]

Some lenders don't look favorably on 'gifted' money for deposits around the time of application as they see the buyers as still not having any of their 'own' money invested so still consider them slightly riskier.

Thanks, I did see that mentioned when I was searching around, but I imagine that's more likely to be a problem when it's a smaller % deposit.

[Atho55]

Have you considered buying it yourself on the basis as a buy to let. They move in on a reduced rent, save themselves in the meantime and gain some valuable credit worthiness as good tenants.

Further down the line they move out, buy you out or take over the mortgage. Things are a lot easier if you have records to prove you are a low risk prospect.

[LinusP]

My kid's looking to buy a house so I'll probably give them a decent deposit as you can't buy much in London for their income/job history as they've only recently left uni. Pretty sure any mortgage company will make inquiries due to money laundering regs just wondered if anyone had been through the same situation and what details they used. My online banking has statements going back around 10 years and all my Betfair winnnings have gone through one account so surely that bank would have done any due diligence checks already regarding my income/savings, or should have.

Get yourself a decent mortgage broker, not sure if you are gifting the money if they need your bank statements, I believe it will be just source of funds. Screenshot of an investment account e.g. premium bonds normally keeps them happy.

[Derek27]

Just a thought - if you just need to prove that the money is legitimately yours rather than demonstrating income, wouldn't proof of being a higher-rate PC payer suffice? They'd only have to briefly look at Betfair's T&C.

[LinusP]

Just a thought - if you just need to prove that the money is legitimately yours rather than demonstrating income, wouldn't proof of being a higher-rate PC payer suffice? They'd only have to briefly look at Betfair's T&C.

I know of people who have got betfair to prove the source of funds via a letter but as soon as you mention gambling the banks tend to run a mile so would see it as a last resort.

[ShaunWhite]

Just a thought - if you just need to prove that the money is legitimately yours rather than demonstrating income, wouldn't proof of being a higher-rate PC payer suffice? They'd only have to briefly look at Betfair's T&C.

I know of people who have got betfair to prove the source of funds via a letter but as soon as you mention gambling the banks tend to run a mile so would see it as a last resort.

The money needs to go on a 30 degree gentle wash cycle, and that's hard without the hmrc wanting their cut of it.

Going via the Hight St is always going to be tricky but I suspect there's specialist brokers out there just like there's specialist accountants for other grey incomes. It's a shame it's not like the good old days of a simple self-declartions, where you just signed a form that said "honest guv, that's what I earn from my window cleaning round"

[spreadbetting]

Get yourself a decent mortgage broker, not sure if you are gifting the money if they need your bank statements, I believe it will be just source of funds. Screenshot of an investment account e.g. premium bonds normally keeps them happy.

Thought they'd need my statements as proof of where the funds came from, might look like money laundering if a 23 year old has suddenly got a few hundred thousand dumped into their account. Would be gifted so hopefully wouldn't need any major checking as my bank should have done any checking of the funds when sending/recieving it anyway.

[
Going via the Hight St is always going to be tricky but I suspect there's specialist brokers out there just like there's specialist accountants for other grey incomes. It's a shame it's not like the good old days of a simple self-declartions, where you just signed a form that said "honest guv, that's what I earn from my window cleaning round"

Only be used as a deposit so can't see any reason they couldn't use the high street, just means the LTV should be under 50%