Mortgage Declined Due To Gambling

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. Casino at park mgm.

I recently applied for a mortgage and I do a lot of arbing (arbitrage) where thousands are hitting my bank statement every month for gambling companies, my lender (ybs) didn't even ask about them. 0 5 November 2011 at 4:38PM. Mortgage declined at the last minute. It shouldn’t get to the stage where you’re ready to exchange contracts and complete on a purchase before it becomes apparent your mortgage is not ready. Sadly, this happens more than you might think, though you can take action to address the issue straight away. Mortgage declined after a full offer was made.

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

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

For further information call: Sunjay Chauhan 07525 129333

Email: [email protected]


or visit: Sunjay Chauhan Website

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.

The fee is up to 1.5% but a typical fee is 0.3% of the amount borrowed.

Mortgage Declined Due To Gambling Rules

Having been in the mortgage industry for over 10 years I have a wealth of knowledge in all things related to mortgages. I pride myself on providing the highest level of service to all my clients which has led to me winning a number of awards.