Transferring Funds Into FI



  • Hey all,

    Brief intro to myself have a small Portfolio at the moment and hoping to invest a bit in some players I have on my watch list, basically investing in young talents that have caught my eye. Currently holding onto Pogba, Rashford, Paulinho(Leverkusen), Carlos Vinicius, Habib Diallo , Jean-Philippe Mateta among a few others.

    My question is and I would think that some of you would have encountered the same situation is in the next few months Im hoping to get mortgage approved, the only stumbling block I can identify is transferring funds into FI. I am just wondering has any of you encountered any issues with your bank when trying to do soo? Currently using N26/Revolut to transfer money, just wondering if this is enough?

    Would be happy to hear your thoughts ideas and even experiences with this.



  • @Irishandy said in Transferring Funds Into FI:

    Hey all,

    Brief intro to myself have a small Portfolio at the moment and hoping to invest a bit in some players I have on my watch list, basically investing in young talents that have caught my eye. Currently holding onto Pogba, Rashford, Paulinho(Leverkusen), Carlos Vinicius, Habib Diallo , Jean-Philippe Mateta among a few others.

    My question is and I would think that some of you would have encountered the same situation is in the next few months Im hoping to get mortgage approved, the only stumbling block I can identify is transferring funds into FI. I am just wondering has any of you encountered any issues with your bank when trying to do soo? Currently using N26/Revolut to transfer money, just wondering if this is enough?

    Would be happy to hear your thoughts ideas and even experiences with this.

    Due to Enhanced Due Diligence (EDD) , it's better to transfer funds via a debit card from a bank account. Bank statements are more likely to be acceptable during EDD.



  • I had some issues with my current account thru Nationwide.Although i had a high level of activity thru my account to FI over a long period when they started to block my payments to FI.After explaining to Nationwide what i was doing with my money they set it up so that if i was to make a payment to FI over a set figure there would be a need for a secondary security check.



  • @Londoner Cheers for that, so you thinks it better to show the bank your depositing into FI? I do most have my monthly transactions such as shopping etc from my n26 and just mark it as Monthly spend when I transfer it over from my bank, was pretty sure this could work! hopefully I can persuade the banks I'm trading rather than gambling



  • I didn’t like the look of ‘Bet Index’ appearing on my account for the same reasons as you. So I set up a Monzo account specifically for this. My main bank now has no mention of it and it just appears I’m transferring into savings. Also from an FI EDD perspective. It is all in my name and very easily tracked and verified as such.



  • @osmanlao good to know, cheers for your help



  • I applied for a mortgage on a new build a month or so before the virus hit us - both the solicitiors acting on my behalf and 'nationwide' asked what the regular payments were.

    I told them rather than having a flutter on the football in a normal way - just like people spending £200 over a weekend on the lash, i was fluttering in another manner.

    Wasn't asked another question - maybe I was lucky? Dunno.



  • @Zaka_7 Nice One, hopefully I will get away with it soo, thanks for the info



  • @Irishandy said in Transferring Funds Into FI:

    @Londoner Cheers for that, so you thinks it better to show the bank your depositing into FI? I do most have my monthly transactions such as shopping etc from my n26 and just mark it as Monthly spend when I transfer it over from my bank, was pretty sure this could work! hopefully I can persuade the banks I'm trading rather than gambling

    In my bank account, it says Bet Index. My bank doesn't mind as long as I have the funds to make a deposit. The merchant ID for Bet Index from my bank is "Betting (including Lottery Tickets, chips, gaming casinos)".


  • Banned

    I just went through this. My mortgage advisor advised it was absolutely best NOT to have anything showing on my statements for last 3 months, hence why I stopped depositing.
    In these times, where its hard to get a mortgage anyway, it was an extra risk.

    I guess it depends how much and how often, but mortgage companies will look at it.



  • I’m new to FI and enjoying my first months experience. I’ve converted across from traditional online gambling and used to bet regularly with sports being my favourite.

    I had a bit of trouble with my last mortgage because of it and my 3 month bank statement was showing a lot of trading. The mortgage provider practically said I was too high a risk and my excuse that I was a making at very healthy three figure profit per month didn’t wash. Luckily the missus could do it in her name only this time.

    I’m not on my current mortgage but intend to show a 3 month clean set of bank statement next time.

    My gambling technique was cashing out regularly after a big win, far too easy to gamble after a big win. Might just need to keep my money in my account to show a clean set of 3 month accounts in future or stick a big deposit down which will last me a while.

    I assume banks would look at FI deposits in a similar way.

    I hope this helps.



  • @MrWh1te said in Transferring Funds Into FI:

    I just went through this. My mortgage advisor advised it was absolutely best NOT to have anything showing on my statements for last 3 months, hence why I stopped depositing.
    In these times, where its hard to get a mortgage anyway, it was an extra risk.

    I guess it depends how much and how often, but mortgage companies will look at it.

    @Irishandy

    100% agree with Mr White, I had a bit of hassle when looking to renew my mortgage with another company who had the best rates. I was ultimately rejected, and I am confident it was due to the football index deposits on my bank statements as my finances are excellent.

    If you can, find another card to make the FI deposits. If this is not possible, I would consider refraining from making any deposits on the index in the 6 months prior to any mortgage renewal/application.

    As for my story, I just ended up sticking with my original mortgage company, and there were no further issues.

    Lesson learned. Best of luck.


  • Banned

    @johnboywalker And to add, my mortgage advisor is also on FI so is talking from a position of knowledge about it.
    Essex lad, clever boy, you can pm me for his details if u are down this way :)


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