Signing up to a betting site: will it affect my mortgage application?

breaking_free

Hi there.

Being a longtime boxing fan I'd like to put a bet on Manny Pacquiao to win against Floyd Mayweather.

Rather than go into a betting shop I'd prefer to do it online using Betfair. To do this I'll have to set up a Betfair account using my debit card.

Question: as I have a mortgage application in progress will this negatively affect it? Will my potential lender even know? (I already have the AIP but haven't got to the mortgage offer stage yet as I still have paper work to produce after having my offer accepted.)

Thanks in advance.

surrey_jim

In short no, you are not applying for credit. However beware if it is a large bet, as your mortgage application may request bank statements and a large charge going to a gambling site may raise further questions.

breaking_free

Sounds good thus far.

I'm only planning on betting a tenner so not a large amount.

I'm just a trifle troubled that my mortgage lender might look at my credit report and say "Oho, a betting site. Let's turn this person down because they're a proven gambler."

Am I being paranoid?

surrey_jim

breaking_free wrote: »

Sounds good thus far.

I'm only planning on betting a tenner so not a large amount.

I'm just a trifle troubled that my mortgage lender might look at my credit report and say "Oho, a betting site. Let's turn this person down because they're a proven gambler."

Am I being paranoid?

Personally speaking a tenner should not make any iota of difference, assuming you keep a decent balance in account and are not indebetted. I would recomend speaking with your mortgage advisor. I "guess" nothing would be answer however no one on here can answer on their behalf

MisterBaxter

I didn't think gambling sites showed on a credit report under the credit section; I thought it was just the identity check for anti money laundering or identity check. I'm sure there was a search on mine for that purpose.

We have £10 on the Gold Cup and Grand National every year, it's not been an issue with lenders.

As someone already said we did have to provide bank statements when we changed our mortgage so if someone had a real gambling issue a lender could pick it up from there.

Nasqueron

I bet on the GN (only bet) and I've never seen anything on credit report about it, all I see is the bank account debit going to bookie on one statement - a lender could easily see the difference between one bet and loading hundreds of pounds a month

audigex

As long as it's within your means and sensible, it won't raise any questions.

People spend money all the time on hobbies and "discretionary spending" - £20 on a meal out, £10 on a bet, £40 to take your lad to see LocalTeam United play... none will raise so much as an eyebrow

£100 twice a month to a gambling site might, if that was making your finances tight... but then so would 5 lots of £40 to take your lad to see every home game in a month, if you can't afford that either.

It's about affordability, not being the perfect god-fearing, teetotal, stay-at-home-and-save citizen who never buys a takeaway. If it's sensible, you can reasonably afford it and it doesn't suggest a gambling addiction, nobody is going to care.

d70cw6

be warned that if you go via an online gambling site the KYC money laundering requirements can be quite onerous and will take several weeks for you to withdraw your winnings!

quite a pain for a one off bet.