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Gambling income mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Fact Checked By:
David Nicholson - Finance Editor

Gambling income mortgages

As mortgage brokers, we often get asked can gambling affect your mortgage application?

Specialist mortgage lenders are more likely to lend money to borrowers who gamble if it’s their speciality area for giving mortgage advice. They are lending thousands of pounds and want to be sure they get it back, so individuals who gamble large amounts of their income might not be able to pay their mortgage fully.

Click the link below to speak with a mortgage broker. We have a few mortgage providers lending to professional gamblers and people with a gambling addiction which shows on your bank statements and we provide mortgage advice free of charge.

Use our online mortgage calculator as a guide for your monthly repayments now.

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Many people are unsure about lenders’ strictness regarding professional gamblers, gambling addiction and mortgages however some people even avoid applying altogether because of this uncertainty. Our mortgage advice bureau can guide you in the right direction to mortgage approval and we can help you make an informed decision on how to apply for a mortgage after gambling. We have answered some of the most common questions.

What happens if you gamble only a tiny amount?

The good news is that mortgage lenders class different types of gambling. How much money you wager and how often you gamble makes a difference to their decisions.

Your options for lenders may be severely limited if you have a history of high-risk, unaffordable gambling. Lenders will evaluate the amount of gambling relative to your income so tiny flutters that aren’t frequent or don’t affect your finances might be accepted.

Contrary to what you may have heard, you can get mortgage approval even if you are a professional or a recreational gambler.

This article will explain how gambling can affect a mortgage request, what gambling mortgage lenders usually consider problematic, and what to do if your application is denied for a mortgage due to gambling transactions.

Click the link below to begin with, to contact an online mortgage advisor. Always remember to have your bank accounts to hand and your credit history.

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What does gambling have to do with a mortgage application?

Sometimes, a history of gambling can significantly impact your mortgage application and approval. Many mortgage lenders have strict criteria for eligibility and will reject any application with a history of gambling.

Some mortgage lenders might be open to gamblers if they have the following information:

  • How often are you gambling?
  • How much do you spend on gambling?
  • How much do you win/lose?
  • What are the most recent gambling transactions?
  • What type of gambling do you engage in?
  • You may also have bad credit, preventing a mortgage from being approved.

It’s possible to obtain a mortgage even if you have gambling records. A few mortgage lenders will allow you to declare your gambling winnings as income on your mortgage application.

Finding the right lender is crucial, whether you are a professional gambler who wants to get a mortgage on your winnings or someone who just wants to have a lender overlook their recreational gambling. Mortgage brokers that specialise in gambling mortgages can help you find the right lender the first time.

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What is the limit of gambling?

This depends on the lender’s risk appetite. Most lenders will consider gambling account transactions if they are regular. They will then decide on your spending on betting relative to other financial commitments.

Some lenders overlook gambling as long as it is well managed and within the borrower’s means. Other strict lenders will assess each case individually for recurrent betting. They may request additional underwriter scrutiny to assess the risk of lending money to someone who gambles regularly. The providers need to ensure you can make the mortgage payments.

What is considered gambling by mortgage lenders?

The following are considered gambling by UK mortgage lenders…

  • Online and offline casino games and slots
  • Online gambling sites
  • Bookmaker betting
  • Lotteries
  • Bingo
  • Scratchcards
  • Horse racing

Mortgage lenders will generally take the same position on legal gambling if it is frequent or accounts for a large portion of your disposable income. However, how often and how much would be appropriate would depend on each case.

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Can banks see that I have placed bets on bank statements?

Yes. Mortgage lenders will ask for your bank statement from the last three months to assess your ability to repay. Lenders may ask applicants to provide income proof and statements from the past 12 months.

This is a crucial point to remember if you are applying for a mortgage shortly. If you’re looking for mortgage approval, stop gambling.

Lenders may see indications of gambling or excessive spending, which could affect your mortgage application.

Find a mortgage lender who accepts gambling transactions

Comparing various mortgage products, interest rates, and lender agreements is key to finding the right mortgage.

It can feel overwhelming not to know where to look and how to negotiate the best deals. This is especially true when you consider that not all lenders list their rates on comparison websites.

This is when we can help. Click the link below to begin your mortgage journey even if you gamble or have a bad credit report.

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What can I do to improve my mortgage application?

If you are concerned that gambling might affect your mortgage application, you should first get financial advice from a mortgage broker. We will listen to your needs and review your situation to determine the best route.

It may be beneficial to:

  • Reduce your income to debt ratio
  • You can reduce the amount and frequency that you gamble
  • Check your credit reports for poor credit

Is it possible to have a higher deposit?

If you gamble on your statements, a higher deposit of as much as 30% can help you choose the right lender and rate.

These can vary from one lender to another, and the amount you will need to deposit upfront. Ask a professional to estimate how much you will need to deposit if you gamble.

What to do if your mortgage application has been denied because of gambling?

If a borrower has a history of gambling, mortgage lenders will often decline their applications. They do this because they feel that the transactions are too frequent, losses are too significant, or the gambling amounts are too high.

Here are some steps to follow if you have been denied a mortgage due to gambling.

  • Don’t despair. You may feel disappointed or frustrated. However, other specialist mortgage lenders have a more relaxed stance on gambling. It might be possible to get approval elsewhere.
  • Don’t be tempted to reapply immediately. This is a common mistake. People rush to another lender to get a different result. However, another rejection can have severe consequences for your credit report. If you have been declined before, professional advice is essential.
  • We can match you with the right broker. All of our mortgage brokers are regulated by the financial conduct authority. Our specialists can help you get your mortgage journey back on track by knowing which lenders will overlook gambling transactions. Our mortgage advice bureau is free of charge, and we have access to most lenders, which the high street banks don’t.
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How to get mortgage approval if you are a professional gambler

You can get a mortgage based on gambling income. However, you will need a broker as most mortgage lenders consider such an application high-risk. It’s easy for lenders to be concerned about gambling income.

Mortgage lenders will consider a person with a track record of making money, gambling winnings and a steady income from betting as a safer bet.

Here are the criteria that lenders use to evaluate professional gambling mortgages.

  • Income stability/betting behaviour/habits

Consistent income. Lenders would like to see steady profits if gambling is their primary source of income.

  • Track record

Your chances of getting a mortgage based on your winnings will increase if you have a track record of earning a full-time income from gambling.

  • Types of gambling

Gambling, where some forms of skill is involved, is preferred to luck-based gambling.

  • Gaming income ratio

This is the ratio of the size of your betting stake to your money. This is an example: If you place £1,000 daily but have hundreds of thousand in your bank account, it’s unlikely that this will cause concern.

You will need to meet the general creditworthiness criteria of lenders and their requirements for your gambling income. The more solid your mortgage application, the more likely the lender will approve your mortgage application.

A large deposit and good credit score will help increase your chances of approval.

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Talk to an expert about gambling and mortgages.

Gambling will affect your mortgage application as it will show on your bank statements. Mortgage broker advice is key if you are applying for a mortgage and have had a gambling history or gambling on your bank statements.

The difference between success and failure could be as simple as finding the right mortgage lender who is willing to take on risk despite your betting history. A mortgage broker will introduce you to a provider happy to work with a borrower with gambling history.

By clicking the link below, you will find a financial adviser who will prevent gambling from ruining your chance of getting a mortgage. We offer free mortgage advice with an online mortgage advisor. The main aim of our job is “mortgage approved”.

Begin your mortgage journey here or contact us now

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