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It probably won’t surprise you that gambling and mortgages generally don’t mix well. When a bank lends you money for a mortgage loan, it means they trust you will be able to pay it back. However, if they see that you’re an active gambler, then this may go against your application.
There are multiple factors that can affect a mortgage application, some of which you may not have considered previously. One of the first things a lender will look at is your credit score. Again, this can be affected by various circumstances, but you may not have considered that a leisurely gambling habit could have its own consequences. If your gambling has caused you to go into financial difficulty, for example missing payments on cards, taking cash advances (or in fact any gambling transaction) on credit card, taking out short term loans etc. Then it will affect your ability to get a mortgage. As will an excess of unsecured debt, as will a low deposit (due to a lack of savings). So, there are various circumstances where gambling can present issues for mortgage applicants, and gambling is one of many factors that can affect your mortgage application. ONLINE gambling and evidence on your credit card statements of paying Paddy Power and other internet bookies is a ’red flag’ that may stop you getting a mortgage, the Sunday Independent has learned.
However, it is important to note that there is a difference between those who gamble large amounts of money on a regular basis (including those who are professional gamblers), compared to those who put a small bet on every now and then.
How will gambling affect my mortgage application?
If you’re a professional gambler and you want to use your winnings as evidence that you can afford to take out a mortgage, the banks see this as being a lot riskier than someone who has a job and gambles occasionally, so you may come across a few challenges. However, being a professional gambler and getting a mortgage isn’t impossible. Some lenders who are willing to lend you the money might alleviate this risk by increasing the interest rate and only lending a small amount of money.Does Gambling Affect Mortgage Application Approval
You may argue that professional gambling is no greater risk than being self-employed…but lenders see it differently. Gambling is deemed more of a risk than being self-employed especially if there is no trace of regular savings but a build-up of debt instead.
But he says there are red flags which may lead the bank to turn down a mortgage application. These include an online gambling habit with the evidence contained in credit card and bank statements.
You need to be aware that if you’re a professional gambler, this activity is seen as a risk and could result in your mortgage application being declined.
When won’t gambling affect a mortgage application?
When lenders conduct their affordability checks, they will look at your bank statements from the previous 3-6 months. This means that any gambling during this period will be seen by your potential lender. The primary concern of the lender is that you aren’t getting yourself into debt by funding your gambling. If you’re gambling using your own money and you’re not in any debt, then this is unlikely to have an impact on your mortgage application.
If you only put the odd bet on here and there, you won’t need to worry about gambling affecting your mortgage application. However, it is important to be mindful, if your finances begin due to betting, then this may begin to affect things.
How to get mortgage approved
If you do gamble and you’re worried whether you can get a mortgage, you could try the following things to help improve your situation and get yourself mortgage ready:
*Clear your debts - Clearing off any debt shows that you’re responsible when it comes to your finances.
*Make regular savings- If you can evidence that you have a savings account that you regularly pay into, the lender will see you as a low-risk borrower.
*Good credit history- Work on your credit score if required. Having a good credit history improves your chances of getting a mortgage.
*Stop gambling- The most obvious, but this can only happen if you want to stop.
Get the right mortgage adviceDoes Gambling Affect Mortgage Application Form
Booking an appointment with a mortgage broker can help you get the advice you need to get yourself onto the property ladder. Your broker will be able to address any queries you may have about your spending habits.
At Mortgage Advice Bureau, we deal with people from all walks of life and we do not judge anyone’s personal circumstances - we are simply here to help.
Get help for your gambling addiction
If you’ve previously been refused a mortgage due to gambling, then it may be the right time to seek advice. Visit the GambleAware website for help with a gambling addiction https://about.gambleaware.org/.
For further information call: 0800 652 6649
Email: scotland@mab.org.uk or visit: mortgageadvicebureau.com/scotland
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.Does Gambling Affect Mortgage Application Status
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Register here: http://gg.gg/ovp6j
https://diarynote-jp.indered.space
It probably won’t surprise you that gambling and mortgages generally don’t mix well. When a bank lends you money for a mortgage loan, it means they trust you will be able to pay it back. However, if they see that you’re an active gambler, then this may go against your application.
There are multiple factors that can affect a mortgage application, some of which you may not have considered previously. One of the first things a lender will look at is your credit score. Again, this can be affected by various circumstances, but you may not have considered that a leisurely gambling habit could have its own consequences. If your gambling has caused you to go into financial difficulty, for example missing payments on cards, taking cash advances (or in fact any gambling transaction) on credit card, taking out short term loans etc. Then it will affect your ability to get a mortgage. As will an excess of unsecured debt, as will a low deposit (due to a lack of savings). So, there are various circumstances where gambling can present issues for mortgage applicants, and gambling is one of many factors that can affect your mortgage application. ONLINE gambling and evidence on your credit card statements of paying Paddy Power and other internet bookies is a ’red flag’ that may stop you getting a mortgage, the Sunday Independent has learned.
However, it is important to note that there is a difference between those who gamble large amounts of money on a regular basis (including those who are professional gamblers), compared to those who put a small bet on every now and then.
How will gambling affect my mortgage application?
If you’re a professional gambler and you want to use your winnings as evidence that you can afford to take out a mortgage, the banks see this as being a lot riskier than someone who has a job and gambles occasionally, so you may come across a few challenges. However, being a professional gambler and getting a mortgage isn’t impossible. Some lenders who are willing to lend you the money might alleviate this risk by increasing the interest rate and only lending a small amount of money.Does Gambling Affect Mortgage Application Approval
You may argue that professional gambling is no greater risk than being self-employed…but lenders see it differently. Gambling is deemed more of a risk than being self-employed especially if there is no trace of regular savings but a build-up of debt instead.
But he says there are red flags which may lead the bank to turn down a mortgage application. These include an online gambling habit with the evidence contained in credit card and bank statements.
You need to be aware that if you’re a professional gambler, this activity is seen as a risk and could result in your mortgage application being declined.
When won’t gambling affect a mortgage application?
When lenders conduct their affordability checks, they will look at your bank statements from the previous 3-6 months. This means that any gambling during this period will be seen by your potential lender. The primary concern of the lender is that you aren’t getting yourself into debt by funding your gambling. If you’re gambling using your own money and you’re not in any debt, then this is unlikely to have an impact on your mortgage application.
If you only put the odd bet on here and there, you won’t need to worry about gambling affecting your mortgage application. However, it is important to be mindful, if your finances begin due to betting, then this may begin to affect things.
How to get mortgage approved
If you do gamble and you’re worried whether you can get a mortgage, you could try the following things to help improve your situation and get yourself mortgage ready:
*Clear your debts - Clearing off any debt shows that you’re responsible when it comes to your finances.
*Make regular savings- If you can evidence that you have a savings account that you regularly pay into, the lender will see you as a low-risk borrower.
*Good credit history- Work on your credit score if required. Having a good credit history improves your chances of getting a mortgage.
*Stop gambling- The most obvious, but this can only happen if you want to stop.
Get the right mortgage adviceDoes Gambling Affect Mortgage Application Form
Booking an appointment with a mortgage broker can help you get the advice you need to get yourself onto the property ladder. Your broker will be able to address any queries you may have about your spending habits.
At Mortgage Advice Bureau, we deal with people from all walks of life and we do not judge anyone’s personal circumstances - we are simply here to help.
Get help for your gambling addiction
If you’ve previously been refused a mortgage due to gambling, then it may be the right time to seek advice. Visit the GambleAware website for help with a gambling addiction https://about.gambleaware.org/.
For further information call: 0800 652 6649
Email: scotland@mab.org.uk or visit: mortgageadvicebureau.com/scotland
Your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.Does Gambling Affect Mortgage Application Status
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Register here: http://gg.gg/ovp6j
https://diarynote-jp.indered.space
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