Gambling is an issue only if it’s frequent, if you place bets you can’t afford, or if your mortgage advisor thinks it might impact your mortgage repayments. The same goes for spending money on ‘silly’ things. We all do it, so go out and have a good time! Just make sure to follow your budget and to do it all in moderation. Anyone who gets caught up in the downward spiral of problem gambling finds only too soon that the negative impact on his or her life can be devastating. Finding money to gamble is usually the most immediate and obvious issue which brings with it enough problems, but in addition an all consuming compulsion to gamble at any cost leads to difficulties which affect employment, quality of life. There are nearly 10 million mortgages in existence in the UK, according to the FCA, with more than £1 trillion owed. The typical first-time buyer borrows £137,000, with those remortgaging. 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. It does however provide some insight into what lenders calculate affordability against and hopefully will aid you in determining what to look for when searching for a mortgage provider. It is advisable to get professional advice and support when looking for a mortgage to ensure you have access to the whole mortgage market and obtain the most.

Does gambling affect your mortgage application?

A borrower that gambles presents an increased risk to a lender. Think of it from their perspective; They’re lending out potentially thousands of pounds, so they want to feel sure that they’ll get it back. A person who frequently gambles chunks of their income may be less able to pay their mortgage on time and full.

A lot of people wonder just how strict lenders are when it comes to gambling and mortgages and because of uncertainty, some people avoid applying at all.

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We’ve answered the most frequently asked questions around this topic to help you make an informed decision about how to apply for a mortgage after gambling.

Can a lender decline your mortgage application for minor gambling?

So what happens if you only ever gamble small amounts here and there?

Well, the good news is that the type of gambling, the amount of money you bet and the frequency in which you do it, can all play a part when lenders make their decision.

If your bank statements show a pattern of unaffordable, high risk betting, you may find your choice of lenders is drastically reduced. Lenders will compare the level of gambling in relation to your income so small flutters that don’t occur often or affect your finances may be accepted.

If you’re unsure about whether the amount you gamble could stop you from getting a mortgage, ask a mortgage broker for a quick call.

Can lenders see that I have gambled on my bank statements?

Yes, when you apply for a mortgage lenders will want to look at your bank statements from the past 3 months, to determine your affordability. Some lenders can ask applicants to go back even further and supply statements and proof of income from 12 months ago.

This is something to keep in mind if you’re applying for a mortgage in the near future as any

indication of gambling or overspending can be seen by the lender and may affect your mortgage application.

Can professional gamblers get a mortgage?

The nature of gambling is unpredictable and even those who derive their income from gambling will experience periods of fluctuation. Lenders look at affordability and income closely when assessing the risk of a borrower and periods of low income can create concerns about how the borrower will pay back their loan.

In most instances, lenders won’t accept income from gambling and will require the borrower to have income from a more predictable source i.e. a salary.

However, each lender has their own set of criteria when it comes to approving a mortgage for a gambler, professional or not, so even in instances where the borrower has been declined for a mortgage because of gambling, another lender may be found elsewhere.

Finding a mortgage lender that accepts gambling transactions

The key to finding the right mortgage for you lies in comparing a wide range of mortgage products, interest rates and lender agreements.

Without the knowledge of where to look or how to negotiate the best deals, it can feel like you’re taking a leap in the dark, especially when not all lenders display their rates or criteria on comparison sites.

Our mortgage brokers have access to hundreds of lender rates and have built up relationships with a variety of lenders across the UK. They work on your behalf to find the lenders that are most likely to accept you, while also aiming to save you money.

Are there things I can do to improve my mortgage application if I gamble?

The first thing to do if you’re worried that gambling will affect your mortgage application is ask a mortgage broker for their advice. They’ll take the time to listen to what you need from your mortgage and will review your circumstances to find the best possible route.

Depending on your circumstances, it may also be helpful to:

• Reduce your debt to income ratio

• Reduce the amount and frequency you gamble

• Check your credit report for bad credit

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Can having a larger deposit help?

Having a larger deposit of up to 30% can improve your choice of lenders and rates if you have gambling on your statements as with most lenders, the higher the deposit, the lower the risk.

This can vary between lenders, as can the amount you may need to upfront. To get an accurate reflection of what you may need to deposit as mortgage applicant who gambles, ask a professional who can calculate an estimate.