Gambling affect Mortgage Application?

aaron13

I know variations of this thread are littered on these forums and I have ready pretty much all of them but still a bit confused and wanted to throw my situation out there.

Basically I'm 23 and I have gambled thousands (not sure exactly how much) but since i started my first job end of 2010 probably lost 10-15 grand or something so I have decided to stop. You can choose to believe that or not! but either way I wondered if having gambling and betting companies all over my statements for the past 5 years or so will this affect my mortgage application in a year or so?

I won't be looking to apply for a mortgage for at least a year if not longer and so if i have clean bank statements showing im saving and no gambling etc for at least a year plus a good credit rating (which i currently have) will this be ok or will underwriters and banks etc look into my past?

I know some people say 'the banks don't care what you spend your money on' etc and what I have basically learnt is that my general 'credit rating' should be fine but my credit profile with my bank would be affected so really wondered how long i have to have clean statements for ? and will that past gambling adversely affect my mortgage application ?

I just don't want that past to adversely affect me in the future so also is there any other ways i can improve my chances of getting a mortgage? etc

Any and all advice would be much appreciated!

Thanks Guys

makemesumdosh

glad you have stopped gambling, perhaps you should of read the matched betting thread and you would of made some money.

Simon_gloster

If you keep a year bet free from your statements you should be ok, this includes credits as well!!!

Rule of thumb, if needed 3-6 months statements at max. Sometimes none at all.

MacMickster

Posting this question on the matched betting thread will probably get you some more detailed answers. Most of the posters will have very high numbers of gambling transactions over a number of years and some will have experienced this problem before.

ACG

Generally speaking they will only ask for 3 months statements so if there is nothing on those i wouldnt worry. But if your clear for a year then you will be fine.

Thrugelmir

Save regularly, i.e. monthly. Then you'll know if you are cured of the impulse to bet.

Did your habit cause you any credit issues?

aaron13

@makemesomedosh

Its one of those things that I knew i ruined...i knew if I was patient or used different systems etc i could make money as I have before but I always end up going too far and ruining it and just become addicted as its just my personality so just have to admit its one of those things I can pretend I can contain or face reality and realise sadly its not for me. It's more the thinking about gambling all the time etc that is the problem rather than the cash to be honest.

More than cash just worried about mortgage mainly.

Thanks MacMickster I'll do that.

ACG are you a Mortgage Advisor? Sorry for being dumb but never used this site so I know it says underneath but i really have no clue lol

aaron13

Thrugelmir..did hasnt caused me any debts or credit issues that i am aware off. Just burnt loads of my spare cash!

I haven't got any loans of credit cards at all

Gentoo365

If you are gambling with your 'spare money' and it is not affecting your ability to meet your outgoings and financial commitments it is less likely to be a problem.

There are many 'addictions' that can cause people to waste money and although gambling can become a personal and social problem it is possible that it is not a financial problem.

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).

Basically, what I am saying is that you may not be refused a mortgage because you gamble. However you may be refused a mortgage because your gambling causes issues with your finances.

When an underwriter looks at a borderline case, or one which has been referred, they will look at how your finances are capable of meeting mortgage payments should rates increase. In general this is done by looking at your outgoings and making a judgement as to which of them are 'fixed' and which can be 'cut down'. For example, they will know that you cannot avoid paying council tax, or a loan payment, however they can judge that should rates rise you can cut down on shopping on Amazon, or eating out.

If your gambling is a few quid here and there then they probably will not care, however if it is a significant part of your variable outgoings then they may be concerned.

The underwriters (and lending policies) are not going to have a moral judgement on gambling, however they *could* decide that there is an additional risk to them of you falling into financial difficulty and therefore give you less 'benefit of the doubt' should you be close on another affordability measure.

Wh05apk

Provided your credit is fine, should make no difference, I am sure if statements are asked for, then the admin staff/underwriters might pass a comment, but that's all.

aaron13

Thanks for the advice Gentoo365. I have no loans or credit cards etc but understand that underwriters may see myself as a bigger risk compared to others so best I just clean up the statements for a while l. Seems like I need at least 3-6 months clean before applying? which is fine.

Some ppl have said I could change banks and then apply for a mortgage with them so I will only have that bank statement history and they can't see mypast gambling? would that be a gd idea?