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Million pound lottery winner unable to get a mortgage

He may have won a million pounds on Euro Millions, but because of his poor credit rating, winner Matt Myles is unable to get a mortgage for a property he wanted to buy.

Apparently he went on a round the world binge with a group of friends and when he got back, after spending £72,000 on alcohol, plus a £45,000 Porsche he came down to earth with a bump. Myles soon found out that you have to have a regular income to be able to get a mortgage, something he did not have because he quit his job as an electrician after he won the money.

His plan was to buy a lot of houses and to rent them out to pay off the mortgage, the lender was not impressed with the idea and did not see his plan of investment as income. As has been illustrated many times before, you have to demonstrate to a lender that you are able to service a loan with a regular income and also to have a record which shows that you have always repaid loans regularly and on time. Without such proof, you might be a millionaire, but you will not get a loan.

He has bought a house in Hereford outright for £150.000, makes sense to us.

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