About The Author
Damian is an experienced mortgage broker, founder of NeedingAdvice.co.uk Ltd and company director. With over a decade working as a mortgage broker he has a strong understanding of hard to place mortgage cases. With hundreds of 5 star client reviews. hundreds of repeat clients his work speaks for himself.
He started NeedingAdvice.co.uk as a one man band with the philosophy of putting clients needs ahead of his own. This ethos of offering excellent customer service has helped the business grow over the years. He gets satisfaction on getting cases pushed through to offer stage where other mortgage broker and companies have failed.
Throughout his time as an adviser he has carved out a niche area of advice helping clients with their business protection requirements too. Having helped hundreds of client with Relevant Life Policies, Shareholder Protection Insurance, Keyperson Policies and other important protection requirements of large to small businesses.
At home he is a family man and likes to spend his time with his four children and wife Lisa. He enjoys going on holidays spending time with friends and going for walks.
Gambling Mortgage
Gambling and Mortgage application are two things that are different and not always mixed. Most lenders consider these activities as high risk that could impact your mortgage application which results in refusal. Apart from this, some lenders could give you a mortgage if you are a professional gambler.
Effects of Gambling on a mortgage application
Yes, gambling transactions in your bank statement could majorly impact a mortgage application. Some mortgage lenders even have strict eligibility criteria to access your application regarding your previous history of gambling, especially if you have a big amount of money coming or going out from betting or gambling activities.
We also got many queries from people asking about the effect of gambling transactions in their bank statementsA record of a borrower's financial transactions often requir... on their credit reports. Of course, these activities do not always affect your credit report, but there are other things to consider, too, which we have discussed later in this article.
It is also true that some lenders may overlook your history of gambling because of the risk appetite. The point to note here is that there is a scope of getting a mortgage even if gambling appears on your bank statement. There is also a possibility of getting a mortgage based on your gambling winnings and other related activities. The only difficulty is finding the right lender in which a specialised mortgage broker could help you.
Post Topics: Gambling Mortgages
Effects of Gambling on a mortgage application
Mortgage as a Professional gambler
When won’t gambling affect your mortgage application?
When will gambling affect your mortgage application?
The impact of loan to value (LTV) on mortgages for gamblers
Evidencing income for a Gambling mortgage application
Type of battings that acceptable for mortgage
Impact of betting streaks on a mortgage application
Adverse Credit Ratings & Gambling Mortgage
Additional FAQs – Gambling Mortgages
How We Work
1: We contact you and take down your details, income outgoings, name, address etc.
2: We will research the whole market and email you a detailed quote as well as a list of documents to proceed.
3: You upload the documents and information needed via our channel our online portal.
Mortgage as a Professional gambler
As discussed earlier in this article, getting a mortgage on someone’s gambling income is possible. Still, there is also a risk because most lenders will consider this a bad investment that is not highly unpredictable. Because of this income volatility, it is better to consult for a piece of financial advice. However, people who have a successful track record of earning regular money with betting income are likely to attract mortgage lenders. Some of the lending criteria’s for acceptance of gambling income are as follows
- Income Stability/habits/betting behaviour.
- Type of gambling
- Gambling and income ratio
- Loan-to-value(LTV) ratio
- Income evidence
- Bad Credit History
- Other income
In the further article, we will discuss the two scenarios, one in which gambling won’t affect your application and the second in which gambling affects your loan application.
When won’t gambling affect your mortgage application?
Gambling activities won’t affect your mortgage application if you are betting only a few pounds and spending the rest of your money on other regular activities. The underwriters want to assess your ability to service a loan comfortably; they don’t make any moral judgments on your spending habits. In conclusion, gambling won’t stop your mortgage application if you have done it properly.
When will gambling affect your mortgage application?
On the other hand, in some cases, gambling will affect your mortgage application. Mortgage lenders have a limited set amount of funds available, and they don’t want it to lose without getting the required interest. As lenders always tend to give the amount to the least risk representative. In most cases, people with regular employment contracts get the most of the share of the lender’s money as they represent the least risks.
With the new regulations, the way lenders assess the affordability of a loan has changed. You will need to submit your bank statements. If your bank statements show regular outgoings to gambling companies, it may make your application less appealing than other applications. It is also a myth that transferring your winnings back into your account would reassure prospective lenders.
The important and safest thing to note here is that never borrow money to finance your gambling activities as it would create issues like a bad credit history for individuals. Additionally, if you are using overdraft or credit limit while gambling activities, it will be a red flag for underwriters and affect your current and future mortgage applications.
Another drawback of regular involvement in gambling activities is that you will have a lower savings balance for a deposit which can negatively impact your application.
In cases, where gambling companies represent a significant portion of your expenses, the lender and mortgage underwriter may consider your profile expose to financial difficulties at some point of time in future.
The impact of loan to value (LTV) on mortgages for gamblers
As per all other mortgages, if you have a higher deposit or equityThe difference between the value of the property and the amo... with a lower LTV, lenders may consider your application with low risks of financial difficulties.
Evidencing income for a Gambling mortgage application
If you are using your gambling income as evidence for a loan application, it may create a problem in representing the true display of your net income. For example, suppose a professional makes many bets a month with numerous transactions on different gambling websites in and out of the bank. In that case, the actual net income could be a nightmare to calculate. However, if someone is still looking for a mortgage on gambling income, they can produce a full set of accounts mentioning profit and losses on a year by month to month basis to get an edge in applying.
Type of battings that acceptable for mortgage
There are various types of gambling that are still acceptable for mortgage applications in the country.
- Poker
- Blackjack
- Baccarat
- Horse racing
- Matched betting
- Dog racing
Impact of betting streaks on a mortgage application
The size of the bet that a person places can also have an impact on a mortgage approval. If the streak is larger, the bet would be riskier. Someone with bigger savings and a low amount for betting has a higher chance of mortgage approval than someone with lower savings and betting above 50% of that savings.
Adverse Credit Ratings & Gambling Mortgage
You have to face many challenges if you have a bad credit report and are also applying for a gambling mortgage. Most mainstream lenders won’t approve your application because of the poor credit report and gambling activity appearing in months’ bank statements.
There are not many chances of getting a gambling mortgage approved with an adverse credit report, but you can always contact a market broker before starting the application get rejected by the mortgage provider.
Speak to an expert:
Whether you are a professional gambler or someone with a history of recreational gambling and looking to use your income to get a mortgage and start on a property ladder, we are here to help you. At needingadvice.co.uk, ltd, we can match you with your prospective mortgage lender to get the best mortgage deal.
Additional FAQs – Gambling Mortgages
Does gambling impact my mortgage application?
Yes, there will be some impact on your mortgage application if you are prone to gambling large sums using your credit cards or overdrafts limits.
Will gambling affect my credit score?
Yes, gambling may affect your credit score. You can check your credit ratings here.
Do gambling transactions have an impact on bank statements?
Yes, transactions from gambling websites could miss the mortgage payments that lenders notice during your application. But some lenders may approve your mortgage depending on your decent credit score and strong credit rating.
Do mortgage lenders care about gambling addictions?
Yes, mortgage lenders could look for any gambling addiction if required before giving you any money.
Does gambling affect the personal loan?
Yes, most probably, gambling transactions in your bank statement could affect your personal loan application.
Does gambling affect credit score?
Yes, transactions to gambling websites may affect your credit score and financial history. Lenders may concern about the future emergence of financial issues, which may result in your financial commitment. If you are having a bad credit score, you can contact an expert mortgage broker to help you with your mortgage application.
Does betting behaviour affect gambling mortgage?
Yes, your betting behaviour is judged by the lenders. If you have higher money into savings compared to your betting deposits, there are better chances of getting approved for the gambling mortgage.
Does having a gambling account affect your credit file?
Yes, it does. Your credit file shows every transaction made through your gambling website. It’s important to keep track of all the debit and credit transactions made through your gambling site so that they don’t appear as bad debts in your credit file.
What is recreational gambling?
Recreational gambling is considered when you gamble at casinos, lotteries, bingo halls, etc. This type of gambling is usually done for fun and entertainment purposes.
Is it possible to get a gambling mortgage?
Yes, it is possible to get a gambling home mortgage. The only thing is that you need to make sure that you don’t have a problem such as gambling habits. If you do, then you should stop gambling immediately. You can also seek the help of a professional mortgage adviser who can guide you throughout the process.
