Impact of Casual Gambling on Mortgage Application

MortgageHunter1989

Hi,

I am looking to buy my first home with my girlfriend in the next couple of months and have started to look at mortgages. I have a Bet365 account and like to have a bet on the football at the weekend but am aware gambling can cause problems when applying for a mortgage.

Over the course of a full season I probably put in no more than £30 a month but obviously I can go months without depositing then have 2 deposits in the following month. I wouldn't say I am a really heavy gambler, I have never been anywhere near my overdraft and I have never put any gambling on a credit card or used a payday loan (I am not an idiot).

Will the fact I gamble money be a black flag for banks and get me instantly rejected or as I am depositing less than 2% of my salary will they not really care that much?

Also, I never deposit directly from my bank, rather, I pay via pay pal and pay pal takes money from my bank account. Will the bank be able to tell the money has went to Bet 365 via the pay pal ref number?

Finally, it is worth noting that the mortgage we are looking at will be about 50-70k less than some lenders have indicated they would be "willing" to lend. So really does such a small amount spent on gambling actually matter?

Cheers

kingstreet

No, it won't.

MortgageHunter1989

Hey,
Thanks for the quick reply!
I have one other question...
So in the past 3 months bank statement there is a higher than average deposit amount (£60 pm over the 3 bank statements) when I am filling in the budget calculator thing should I note my "yearly average p/m" or average in the past 3 months bank statements?

Cheers

kingstreet

What budget calculator?

HappyMJ

MortgageHunter1989 wrote: »

Hey,
Thanks for the quick reply!
I have one other question...
So in the past 3 months bank statement there is a higher than average deposit amount (£60 pm over the 3 bank statements) when I am filling in the budget calculator thing should I note my "yearly average p/m" or average in the past 3 months bank statements?

Cheers

You're worrying far too much. As long as you can afford it then you can gamble away. £60 a month is virtually nothing. I would not enter it as a figure on a budget. You should only ever spend money you can afford to lose and that money is whatever is left over after paying your essential expenses. Only the essential expenses should be on your budget. You do not need to account for every penny so don't enter it.

Gambling also has wins and you don't include them either.

edit: and when you deposit into Paypal don't do it via Bet365. Log on to Paypal first top up your account then go to Bet365 and deposit into that account from Paypal.