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. 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. How to Explain Gambling Winnings on a Mortgage Application. Especially after the housing crash in the mid-2000s, mortgage lenders are careful when confirming whether potential customers are able to make their house payments. This means that, as a mortgage applicant, you are responsible for proving all income or assets. 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.

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.

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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.

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.

Online Gambling Affect On Mortgage Refinance

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

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.

Despite what you may have heard, mortgage advisors don’t spend their spare time sitting in a lair somewhere, stroking their beard while devising reasons why you can’t have a mortgage.

In fact there’s a lot of myths out there about what lenders are looking for. Here’s five things that won’t actually ruin your mortgage application.

1. Occasionally gambling or spending your money on stuff you don’t need

There’s a lot of information out there that suggests that any gambling is an absolute no-go, but spending the odd tenner on the races or on what will happen in the Christmas episode of Eastenders isn’t a big deal.

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.

2. Applying for a mortgage on your own

Let’s get it out of the way: yes, it is possible to get a mortgage on your todd. However, there are certain considerations, the big one being that your mortgage amount is relative to your income. If you’re in a partnership or are married and want a mortgage, your income is combined.

The deposit is also a lot easier to save up if you’ve got a lovely other half to help out. That said, your mortgage application won’t be rejected because you’re applying on your own.

3. You don’t know what your credit rating is

If you’re a fan of spending but you’re not too good at keeping track of your repayments (sure the money comes out of your account at the end of the month – no bother!), a bad credit rating can impact your application.

Hop over to the Irish Credit Bureau and you can apply for a credit report online for only €6. If your credit rating is on the negative side, make sure to tell your mortgage advisor as soon as possible so you’ll have no financial skeletons waiting to jump out of your closet.

While not knowing won’t cause issues, a bad credit rating will have to be taken into account – but we reckon that’s fair enough!

4. Having a messy paper trail

When you go into your mortgage meeting, the ideal scenario is that you’ll have your documents organised and in tip-top shape. You’ll be able to show your mortgage advisor how much you’ve saved each month, how you spend your money, and how good you’ll be at meeting your mortgage repayments.

While that certainly helps things along, a messy paper trail isn’t the end of the world. Incase your paperwork has disappeared to the same place as all your matching socks, these are the documents you’ll need to bring to your mortgage meeting:

PAYE employees
• Photo ID
• Proof of address
• P60 (or 3 months consecutive payslips)
• Certificate of income
• Bank statements for the last 6 months

Self-employed
• Photo ID
• Proof of address
• 3 years audited/trading accounts
• Confirmation of your tax position
• 3 years Revenue Notice of Assessment
• 6 months business current account statements

5. Being in negative equity

Negative equity happens when the value of your house is less than the amount you owe on your mortgage; if you sold your house, you wouldn’t be able to fully clear your mortgage.

A lot of Next Time Buyers think that being in negative equity means they won’t be able to get another mortgage, but that’s not true.

With Negative Equity Home Movers, you can transfer the outstanding balance to a new loan on your next house. As with most second houses, you can decide whether to trade up or down (finances pending).

Thinking of applying for a mortgage?

Whether you’re a first time or next time buyer, EBS has options to suit you. If you want to buy a house or you’re considering trading up or down, try our mortgage calculators or book a 30 minute mortgage meeting now!

EBS d.a.c. is regulated by the Central Bank of Ireland.

Online Gambling Affect On Mortgage Refi

The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.

Online Gambling Affect On Mortgage Approval

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