Generally speaking, gambling and mortgages do not mix well. Taking out a mortgage means that a bank or building society trusts that you’re able to pay the money back. But if they see that you’re an active gambler, then this may go against your application.

However, 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 might put a small bet on every now and then.

Recently I have read about gambling being assessed like 2 credit cards, as in $200 month spent reducing your loan max by over $120,000. Not that I'm encouraging gambling, but it is important to know how it affects a potential new mortgage. There is no clear-cut answer for whether or not a mortgage lender will refuse to lend you money based upon your gambling deposits. However, if they can see regular payments into online gambling operator accounts, these may present a cause for concern. Why lenders have to look into your spending habits. When will gambling affect your mortgage application? In short, if your gambling causes problems with your finances, it can cause a problem with your mortgage application. If you’re taking out personal loans or lines of credit to gamble, lenders will see that as a red flag.

• Re: Does extensive gambling affect mortgage application? Well depending on what AGI was If I was an UW, I would look at gambling to be a possible issue wanting more information on. 80,000 no matter how its sliced is alot of money.
• Banks often require 3 to 6 months worth of bank statements to assess what mortgage they will offer you. In nz does online gambling transactions that appear on the statement have any affect on a mortgage application.

When will gambling affect a mortgage application?

If you’re a professional gambler wanting to use your winnings as evidence that you can afford to take out a mortgage, then you might come up against a few hurdles, as this is considered far more risky than someone who has a job and gambles occasionally on the side. That’s not to say that it isn’t impossible though. Those 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.

Whilst you may argue that professional gambling is no different to getting a mortgage when self-employed, gambling is still deemed as a riskier business than self-employment, especially if there’s no trace of regular savings but a build-up of debt instead.

Ultimately, 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 being declined.

When won’t gambling affect a mortgage application?

When lenders carry out their affordability checks, they look at your bank statements from the previous 3-6 months. Therefore, any gambling on your bank statements during this period will be seen by your potential lender. However, the lender is not going to judge you on what you chose to spend your money on. Their primary concern is that you aren’t getting into debt in order to fund the gambling, so if you’re betting using your own money, and you aren’t in debt, then this shouldn’t affect your mortgage application.

Similarly, if you only put the odd bet on here and there, then you don’t need to worry about gambling affecting your mortgage application. Just be mindful that if your finances begin to suffer because of it, then this may affect things.

How to get mortgage approved

If you do gamble and you’re worried about getting 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 you have shows that you’re responsible when it comes to your finances.

Regular savings - Again, it’s all about responsible lending, so if you can show that you have a savings account that you pay into regularly, the lender will see you as a low-risk borrower.

Good credit history- Having a good credit history improves your chances of getting a mortgage, so you should work to improve your credit score.

Stop gambling - The most obvious, but this can only happen if you want to stop gambling.

Get the right mortgage advice

Speaking to a mortgage broker can help you get the right advice that you need in order to fulfil your dream of getting on the property ladder. They’ll be able to address any worries or concerns that 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

Will Gambling Affect Getting A Mortgage

If you’ve been refused a mortgage due to gambling, then now might be the right time to turn things around and seek advice. Visit the GambleAware website for help with a gambling addiction.