Has matched betting ruined my mortgage chances?

rec0286

Hello

I recently posted on here and got some helpful responses so was hoping I could get a little more help with another question I have. I've been reading around mortgage applications and how your bank statements are now heavily scrutinized and many places seem to say money going to gambling websites is a big no if you want to get a mortgage. I never gambled before, but in November I did matched betting (for anyone unfamiliar, it's where you use the free bet given to new customers on gambling site and match your bet on another site so whatever the result you end up winning back almost the full value of the free bet). I did that on a few sites, claimed my earnings and left.... I have no intention of doing any gambling now that I've used the newcomer deals for matched betting. However now in November/December I have numerous payments to gambling websites, AND it looks like one of the sites credit checked me too.

So my questions are:

HSBC (my current bank who I would like to apply with) say they look at 3 months of bank statements. Should I be okay in 3 months to apply or do underwriters look further back? If so how long should I wait?

I think the credit check by the gambling site was a soft search - can lenders/underwriters see this?

I'm hoping I've not completely foiled my chances of getting a good mortgage now - other than that I have a 30% deposit and an excellent credit rating, but I'm worried that because of the matched betting that won't matter now. Any advice would be greatly appreciate - thank you!

borborygmous

rec0286 wrote: »

HSBC (my current bank who I would like to apply with) say they look at 3 months of bank statements. Should I be okay in 3 months to apply or do underwriters look further back? If so how long should I wait?

I think the credit check by the gambling site was a soft search - can lenders/underwriters see this?

I'm hoping I've not completely foiled my chances of getting a good mortgage now - other than that I have a 30% deposit and an excellent credit rating, but I'm worried that because of the matched betting that won't matter now. Any advice would be greatly appreciate - thank you!

My UNINFORMED GUESS would be that certainly if you wait a couple of months you won't have a problem regardless of whether they do look back more than 3 months. If I were a mortgage company I'd be looking for a pattern of behaviour, and my guess is most problem gamblers gamble every month. If you have good credit and are an HSBC customer that's going to count in your favour, they won't be basing their decision on just one thing.

On the other hand, I wouldn't be displaying any original thought if I said that we are heading into a time of Kafkaesque behaviour in this sort of thing (and I'll note it's possible to make a distinction between "company x is playing 100% by the rules" and "the rules could be better").

jaydeeuk1

No gambling site does a full credit check unless its a credit account - spreadbetting for example. It will just be used to confirm ID etc
I'll be going through the same thing shortly but I used a separate account.

rec0286

I didn't use a separate account and paid directly to the gambling websites rather than via paypal - I had no idea it would potentially affect my mortgage chances

It's good to hear that possibly as it isn't a habit that it should be okay, but do people still think it's worth my trying with HSBC once the three months are over? They would be my preference due to good rates and the fact that as I have an advanced account with them the fees are lower too, BUT I have read they are incredibly strict and so I'm still terrified of getting rejected once they see the past soft searches from betting sites (I can see them on my credit report so I'm assuming HSBC can too).

rec0286

Another thought, as I am a HSBC customer already will things like payments in the past to betting websites automatically be flagged? Also, even though they request 3 months of bank statements can//will underwriters look further back when it comes to applying for the full mortgage rather than AIP? Sorry to keep posting questions, I'm just really worrying!

David_White

jaydeeuk1 wrote: »

No gambling site does a full credit check unless its a credit account - spreadbetting for example. It will just be used to confirm ID etc
I'll be going through the same thing shortly but I used a separate account.

You are likely going to be asked to provide bank statements for all active current accounts, not just the ones you want to provide.

pjcox2005

By no means an expert but for mortgages and remortgages in the past I've had some betting transactions on there as I do bet on occasion. The amounts are very small in comparison to income and never caused an issue with the mortgage application.

audigex

Can you afford your gambling?

If you're spending £400 a month every month on gambling while in £10k debt and earning £1000/month, then the bank will (probably quite rightly) tell you that they're not convinced you can afford a mortgage

If you're spending £50 a month with £5k savings and earning £2k a month, or if you spent £200 once, they probably won't bat an eyelid.

Gambling isn't intrinsically bad, and mortgage companies are perfectly happy for you to have a reasonable level of discretionary spending: as long as you can afford to spend the money on gambling, it's no different to them seeing 10 visits to Game, Pandora, Ted Baker, or The Dog and Duck, Guildford. They're interested in whether you can afford it, not whether you have the odd flutter: otherwise nobody would be able to buy a house the month after the Grand National!

Hutch100uk

I did matched betting too and my FA noticed the searches on my credit file. She did tell me that as long as the last 3 months on my bank statements are clear, there shouldn't be a problem.

The searches will disappear after a year anyway. I only have 2 searches still appearing and haven't bet anything in over 6 months.

rec0286

Thanks for the replies. I can see a search on Experian, several on noddle, and I'm going to check Equifax. I'm guessing there is no way to have them removed?

It was just a short period of a few weeks over November-December where I went around the sites and took advantage of the new offers and matched all the bets. I haven't used the sites since and will make sure all the accounts are closed. I plan on having a 3 or 4 month break before applying anyway because i also paid for flights in December so it isn't a very good example of my typical monthly spend.... I'm just really nervous as I've read in various places that any mention of any gambling sites in your accounts or credit file mean you will definitely be rejected by HSBC. Your replies are reassuring.

For those of you who did having gambling sites on your file, were you approved after they brought in the new strict laws in 2014?

Thanks for all the help... reading all the older posts about people who have been rejected for gambling sites appearing on their file makes me worry but the advice you have all given does help.

rec0286

I have one more question related to this (sorry!)...

If in the mortgage interview if they ask something like "do you ever gamble?" (as I read this is a common question) is it fine to say no, as it something that isn't from the previous few bank statements and therefore not a current habit? (not that it was ever a habit...!)