Gambling Affect Mortgage Application

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4/7/2022

Gambling Affect Mortgage Application

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There are multiple factors that can affect a mortgage application, some of which you may not have considered previously. One of the first things a lender will look at is your credit score. Again, this can be affected by various circumstances, but you may not have considered that a leisurely gambling habit could have its own consequences. I wondered if matched betting would affect our mortgage application, especially because we were enquiring with a different lender. While they know it sounds appealing, I’ve had some readers say that they would prefer to stay away from matched betting if they are planning a mortgage application in the short-term as they are unsure of the.

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It probably won’t surprise you that gambling and mortgages generally don’t mix well. When a bank lends you money for a mortgage loan, it means they trust you will be able to pay it back. However, if they see that you’re an active gambler, then this may go against your application.

However, it is important to note that there is a difference between those who gamble large amounts of money on a regular basis (including those who are professional gamblers), compared to those who put a small bet on every now and then.

As there is the effects on mortgage application through the online gambling transaction so the wager has to be careful related to this. As the different bank have different types of policy so the wager should know how to deals with that bank related to his money.
Does gambling affect a mortgage application? Generally speaking, gambling and mortgages do not mix well. Taking out a mortgage means that a bank or building society trusts that you’re able to pay the money back. But if they see that you’re an active gambler, then this may go against your application.

How will gambling affect my mortgage application?

If you’re a professional gambler and you want to use your winnings as evidence that you can afford to take out a mortgage, the banks see this as being a lot riskier than someone who has a job and gambles occasionally, so you may come across a few challenges. However, being a professional gambler and getting a mortgage isn’t impossible. Some lenders who are willing to lend you the money might alleviate this risk by increasing the interest rate and only lending a small amount of money.

You may argue that professional gambling is no greater risk than being self-employed…but lenders see it differently. Gambling is deemed more of a risk than being self-employed especially if there is no trace of regular savings but a build-up of debt instead.

You need to be aware that if you’re a professional gambler, this activity is seen as a risk and could result in your mortgage application being declined.

When won’t gambling affect a mortgage application?

When lenders conduct their affordability checks, they will look at your bank statements from the previous 3-6 months. This means that any gambling during this period will be seen by your potential lender. The primary concern of the lender is that you aren’t getting yourself into debt by funding your gambling. If you’re gambling using your own money and you’re not in any debt, then this is unlikely to have an impact on your mortgage application.

If you only put the odd bet on here and there, you won’t need to worry about gambling affecting your mortgage application. However, it is important to be mindful, if your finances begin due to betting, then this may begin to affect things.

How to get mortgage approved

If you do gamble and you’re worried whether you can get a mortgage, you could try the following things to help improve your situation and get yourself mortgage ready:

Clear your debts - Clearing off any debt shows that you’re responsible when it comes to your finances.
Make regular savings- If you can evidence that you have a savings account that you regularly pay into, the lender will see you as a low-risk borrower.
Good credit history- Work on your credit score if required. Having a good credit history improves your chances of getting a mortgage.
Stop gambling- The most obvious, but this can only happen if you want to stop.

Get the right mortgage advice

Booking an appointment with a mortgage broker can help you get the advice you need to get yourself onto the property ladder. Your broker will be able to address any queries you may have about your spending habits.

At Mortgage Advice Bureau, we deal with people from all walks of life and we do not judge anyone's personal circumstances - we are simply here to help.

Get help for your gambling addiction

If you’ve previously been refused a mortgage due to gambling, then it may be the right time to seek advice. Visit the GambleAware website for help with a gambling addiction https://about.gambleaware.org/.

For further information call: 0800 652 6649

Online Gambling Affect Mortgage Application

Email: scotland@mab.org.uk or visit: mortgageadvicebureau.com/scotland

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Generally speaking, gambling and mortgages do not mix well. Taking out a mortgage means that a bank or building society trusts that you’re able to pay the money back. But if they see that you’re an active gambler, then this may go against your application.

However, there is a difference between those who gamble large amounts of money on a regular basis (including those who are professional gamblers), compared to those who might put a small bet on every now and then.

When will gambling affect a mortgage application?

If you’re a professional gambler wanting to use your winnings as evidence that you can afford to take out a mortgage, then you might come up against a few hurdles, as this is considered far more risky than someone who has a job and gambles occasionally on the side. That’s not to say that it isn’t impossible though. Those lenders who are willing to lend you the money might alleviate this risk by increasing the interest rate and only lending a small amount of money.

Whilst you may argue that professional gambling is no different to getting a mortgage when self-employed, gambling is still deemed as a riskier business than self-employment, especially if there’s no trace of regular savings but a build-up of debt instead.

Ultimately, you need to be aware that if you’re a professional gambler, this activity is seen as a risk and could result in your mortgage being declined.

When won’t gambling affect a mortgage application?

When lenders carry out their affordability checks, they look at your bank statements from the previous 3-6 months. Therefore, any gambling on your bank statements during this period will be seen by your potential lender. However, the lender is not going to judge you on what you chose to spend your money on. Their primary concern is that you aren’t getting into debt in order to fund the gambling, so if you’re betting using your own money, and you aren’t in debt, then this shouldn’t affect your mortgage application.

Similarly, if you only put the odd bet on here and there, then you don’t need to worry about gambling affecting your mortgage application. Just be mindful that if your finances begin to suffer because of it, then this may affect things.

How to get mortgage approved

If you do gamble and you’re worried about getting a mortgage, you could try the following things to help improve your situation and get yourself mortgage ready:

Clear your debts - Clearing off any debt you have shows that you’re responsible when it comes to your finances.

Regular savings - Again, it’s all about responsible lending, so if you can show that you have a savings account that you pay into regularly, the lender will see you as a low-risk borrower.

Good credit history- Having a good credit history improves your chances of getting a mortgage, so you should work to improve your credit score.