Mortgage guidelines regarding tip income has changed, which makes it easier for tip-earning workers to get mortgage-qualified. You won’t know whether you qualify until you try, however. There are state lotteries that 18 year-olds can play, and some casinos have an 18+ policy on poker, but the real cause has been the rise of online gambling. The Unlawful Internet Gambling Act of 2006 tried to restrict online gambling, targeting poker sites such as PokerStars, Absolute Poker and Full Tilt Poker. You can even get a comprehensive credit check for free, and it won’t affect your credit rating. Mortgage declined by underwriter Having your mortgage declined at the underwriting stage, when you already have an agreement in principle, can be frustrating.
- Can Online Gambling Affect Getting A Mortgage Rates
- Can Online Gambling Affect Getting A Mortgage Broker
- Can Online Gambling Affect Getting A Mortgage Loan
- Can Online Gambling Affect Getting A Mortgage Lender
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.
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.
Can Online Gambling Affect Getting A Mortgage Rates
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?
Can Online Gambling Affect Getting A Mortgage Broker
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.
Can Online Gambling Affect Getting A Mortgage Loan
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. Riff off roulette wheel. 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
Can Online Gambling Affect Getting A Mortgage Lender
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.