Does gambling affect your mortgage application?

The Grand National, a football accumulator, and the odd game of online poker are something we all like to get stuck in on every now and then, and whilst the occasional gamble can be harmless, the way it impacts a mortgage application is something always worth considering.

You’re probably wondering, how much is too much and what exactly are lenders thinking about when they see a payment to BetFred on your bank statement. 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. Excessive gambling can be 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. Whilst gambling activity on your bank statements may not be an issue, regular amounts may be taken as a regular outgoing by some lenders and reduce your borrowing capacity. As above, excessive gambling and rising debts may result in a mortgage application being declined by some lenders.

The long and short of it is, you don’t need to wait until you’re ready to buy or move house before sitting down with one of our brokers. Get prepared and give yourself some time, so if there is a chance a lender may have an issue with the occurrence of gambling on your bank statements, you’ve got time to get this sorted. We are a judgement-free zone and we pride ourselves on giving good advice, so whether you’re looking to buy now, or in a year, we are ready when you are.

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