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Does Gambling Affect Your Mortgage Application?

MORTGAGES | 30.09.2021

So you’re a first-time buyer, and we bet you probably weren’t aware that gambling can affect your mortgage application. Mortgage lenders always conduct an affordability assessment, and if they consider your gambling habits to be out of control, it’s likely your options will become very limited. Let’s take a closer look at how gambling on a bank statement can affect a mortgage application and your odds of getting accepted.

Does betting affect mortgage?

When assessing your outgoings to gambling, lenders usually focus on the following: 
  • How much money is being staked in total
  • Frequency of betting
  • The type of gambling
Having a flutter every now and then won’t hurt your chances of getting a mortgage, but if you’re gambling beyond your means and start missing some of your regular outgoings, that’s when it becomes a red flag to mortgage lenders. As long as you’re sensible with your gambling and it’s comfortably part of your monthly budget, you’ll have the keys to your new home in no time. 

Does playing the lottery affect mortgage?

Because you can now play the National Lottery with a direct debit, many applicants ask our brokers if it will have an impact on their mortgage application. Unless you’re dipping into overdrafts to pay for your ticket, it’s extremely unlikely that a mortgage lender will see playing the lottery as a risk.

Does gambling affect credit score in the UK?

The act of gambling itself does not affect your credit score. However, if you are borrowing money through a personal loan or using an overdraft to finance gambling, you are likely running the risk of your credit score taking a hit.

How to get your mortgage approved

Gambling and mortgages don’t always have to spell disaster. If you’re concerned about securing your first mortgage, you should try the following to help improve your chances: 
  • Work on your credit score - this can be done by registering to vote, checking mistakes on your credit report like a wrongly recorded missed payment, and using ‘soft searches’ to check your eligibility when applying for credit.
  • Clear any debts - this will help prove that you’re responsible with your finances.
  • Use a savings account - if you can show that you regularly pay into a savings account, the lender will see you as a low-risk borrower.
  • Limit gambling - if you feel it’s having a serious impact on your finances quality of life, try and seek help by visiting websites such as Be Gamble Aware.
It’s also worth checking your bank statements and credit report with our blog on 5 Unusual Things That Affect Your Mortgage Application. Even the use of seemingly harmless ‘joke’ payment descriptions when transferring money can be flagged up by mortgage lenders during their affordability assessment!

Refused mortgage due to gambling

If your mortgage has been declined due to gambling, TaylorMade Finance can help. Our expert team of mortgage brokers will guide you through your options and the application process to prevent any additional stress. Please get in touch today and we’ll get to work on securing the best rate for your situation.
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