Lottery winner refused mortgage due to bad credit rating

November 21, 2014 admin No comments

(Picture: News Team)

Millionaire Matt Myles can’t get a mortgage (Picture: News Team)

A factory worker who won the lottery was refused a mortgage after returning from a round-the-world pub crawl, during he which he spent more than £70,000 on alcohol.

Matt Myles, 28, quit his job and took his 27-year-old brother Pete and several friends on a seven-month ‘bender’ after winning £1million in the Euromilions raffle.

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But despite his fortune, Mr Myles found he was unable to get a mortgage when he finally returned to Hereford because of his previous poor credit rating.

‘I was going to buy a load of houses with mortgages and then get people in to rent them to pay for the mortgage,’ he said.

Soccer fans gather before a live broadcast of the World Cup round of 16 match between Brazil and Chile, inside the FIFA Fan Fest area on Copacabana beach, in Rio de Janeiro, Brazil, Saturday, June 28, 2014. (AP Photo/Silvia Izquierdo)

Mr Myles took his friends to the World Cup in Brazil (Picture: AP Photo)

‘But mortgage lenders don’t see the interest of an investment as income so, in effect I am a millionaire, but I can’t even get a mortgage.’

After his Euromillions win on 8 April, former electrical engineer Mr Myles partied in Indonesia, America, Thailand, Ibiza, Spain and Italy as well as going to the World Cup in Brazil – but said it was finally time to ‘come home and grow up’.

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‘We basically tried to do a night on, a night off the sauce, but most of the time it was night on, night on, night on,’ said Mr Myles.

‘We had an amazing time but we all had to come home and grow up. I’ve got to buy a house and we couldn’t carry on much longer without doing ourselves serious damage.’

He is now buying a £150,000 house in Hereford outright.

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