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
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.
