Online Gambling Affect On Mortgage
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.
Is it true online gambling accounts are a 'no-no' when applying for a mortgage? The short answer is yes. Steven Barrett of Bluewater Financial Planning describes online betting accounts as a. How Online gambling transactions affect mortgage application. To me, it doesn't really affect our ability to pay the mortage if we gamble just for fun. May 16, 2011 Yes, it is true that online gambling is frowned up, the annual bet on the National isn't too bad but if you gamble a lot and are borderline for approval then it could be the factor that results in a decline. If you're going for a mortgage and you want to give yourself the best chance of approval then you should be saving every penny available. Will online banking deposits affect my application process? There is no clear-cut answer for whether or not a mortgage lender will refuse to lend you money based upon your gambling deposits. However, if they can see regular payments into online gambling operator accounts, these may present a cause for concern.
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.
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.
Online Gambling Affect On Mortgage Loans
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 On Mortgage Payments
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Online Gambling Affect On Mortgage Interest
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Online Gambling Affect On Mortgage Rates
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.