How to get a mortgage if you have a history of gambling transactions

Getting your finances in order is a key aspect to any successful mortgage application.

Lenders will want to see three to six months of bank statements to get an idea of your debts, income and expenditure, in order to weigh up whether they’re confident you can afford the loan you are applying for.

Mr Montlake added that borrowers should start preparing several months before taking out a mortgage to ensure their accounts are in good order.

David Hollingworth, associate director at London & Country Mortgages, said the occasional bet may not have an impact, but regular flutters could cause the lender to ask questions.

He said: “It could be flagged by a lender as something that would need to be factored into affordability. That could therefore have an impact on the amount that could be borrowed or even for the lender to decline the application if the gambling is habitual.”

To avoid this, it may be worth reducing your gambling in the run up to an application.

Mr Hollingworth added: “Just as the use of a payday loan can raise concerns for a lender, the use of gambling could come up, so those planning to make an application may prefer to avoid transactions altogether in the run up.”

Gambling does not in itself automatically disqualify an applicant from getting a mortgage, so you may not have to worry about the odd bet.

But banking trade body UK Finance said lenders must follow strict regulatory requirements to ensure that borrowers can afford to repay their mortgage.

Karina Hutchins, principal, mortgage policy at UK Finance, said: “As part of a mortgage lender’s affordability assessment, they may look for signs of problem gambling. 

“Betting on the odd football game or horse race is unlikely to be an issue, but if an applicant bets daily and spends huge amounts of money gambling every week, this is likely to raise concerns about whether they’ll also be able to afford the cost of their mortgage.

“I would encourage anyone who is worried about qualifying for a mortgage to speak to an independent mortgage adviser, who will be able to provide them with tailored advice specific to their circumstances.”

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