Mortgage and betting…Need some advice
Hi I’m hopefully going to be trying for a mortgage in the next few months and was just wondering if any of you had any experience with the whole process and how strict they are with gambling?i have 2 accounts my main current account which i get wages paid into and pay bills and another with a different bank that i use for my general everyday stuff and that includes betting. Im worried that they will check my smaller account and think I’m some kind of addict (been doing a lot of matched betting recently). Would really love to hear if anyone of you could give me some advice and share your experiences 🙂
Keep up the great work!Love this site!+01December 11, 2015 at 7:40 am
New to matched betting?
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Learning the fundamentals takes 10-15 minutes and you’ll make £15 in the process.kjillman 1 December 11, 2015 at 8:28 am
They normally only ask for your last 3 payslips and run a credit check,don’t actually go through your statements! so you should have no problem+0Falstaff 0 December 11, 2015 at 8:36 am
For my recent mortgage application I was asked to supply three months of bank statements for my current account. It might be worth your while to sign up with Experian ( you can get a free month trial) to see what your credit score looks like. Good luck.+0JDUBU 1 December 11, 2015 at 5:12 pm
Ok did you have any sign on betting on your account?did you have other bank accounts?if so did they not ask to see them?yeah sure i will sign up to experian. Thank you+0JDUBU 1 December 11, 2015 at 5:13 pm
oh iv heard they do and falstaff also said they did for him?+0Markk 1 December 11, 2015 at 8:28 pm
As long as you haven’t gone over your agreed overdraft limits etc it shouldn’t be issue. However, when i remortgaged i laid off depositing money in bookies for a couple of months to avoid having any betting activity on my statements. I now do everything through PayPal to avoid these issues. Just dump loads of money in there and treat it like a bank account. Also, if you deposit on a bookie via PayPal and PayPal takes money from your bank due to your balance being insufficient, it just shows up as “PayPal” on your bank statement and not a betting company, so they won’t have a clue what it relates to 🙂+0JDUBU 1 December 11, 2015 at 10:18 pm
No donteven have a overdraft as never needed it.Yeah i think thats the best option just keep load of money in paypal and accounts. Thanks mate 🙂+0chris 0 December 15, 2015 at 2:35 pm
To be honest doing matched betting shows that you’re good with money, and provides some extra income so if you were honest with the bank then if anything, it should really help you to get a mortgage. I’m sure that in general matched betters are better at servicing their mortgages than the general public!+0Guppyboy 0 December 16, 2015 at 6:45 pm
We recently re-mortgaged, but the wife wanted to borrow some extra cash to get the bathroom done up & a few other things….anyway, once the mortgage lender saw my bank statements we were turned down for the extra cash because online betting accounts showed up on my bank statements. They allowed the re-mortgage to go ahead, but not the extra borrowing. I had naively assumed that we wouldn’t need to send bank statements in, just payslips, but it’s been over 10 years since I’ve done this sort of thing and didn’t give it much thought. Personally I’m quite happy we were turned down as I’d rather save than borrow, and now thankfully the wife is philosophical about it 🙂
It’s funny, the fact that we had no other debts (other than the mortgage), that I never went overdrawn, and that more money was coming BACK into my account held absolutely no sway with the bank. I did try to explain that I wasn’t actually ‘gambling’ – what a task that was, I could almost see the guy’s blank face on the other end of the phone lol – but obviously anything to do with online betting starts alarm bells ringing.
My advice – keep a separate account for betting. Failing that don’t do any betting at least 3 months before you apply for a mortgage, or if there’s no way to hide your tracks be honest and upfront about what you do so that it’s not a shock when they see a few hundred going out to the exchange when you needed to get that monkey on a horse 😉+0JDUBU 1 December 20, 2015 at 9:58 pm
Thank you for the reply some interesting points.i use a separate account for betting anyway. Do you think they will only check my main current account?+0Larsson07 1 January 26, 2016 at 6:18 pm
I’m looking to get a mortgage at some stage this year aswell and every person i know that tried to get a mortgage that uses online gambling sites have been rejected because of that reason.
So im only using sites that use PayPal means they wont see any gambling sites on my statements only problem tho it limits me to matched betting on a certain number of sites and i miss out on alot of welcome offers on sites that dont use PayPal. Once i have my mortgage and new house ill be signing up to all those other sites and using there welcome offers. 🙂+1paulgleave84 1 January 29, 2016 at 12:36 am
lol it was most likely the same look i got from my girl when i said i wanted to make an account in her name and then tried to tell her all about,her reply was “i still dont have a fucking clue” haha+04got2lay 0 February 1, 2016 at 12:43 pm
I’ve recently applied for a mortgage (thankfully before I discovered matched betting, so this wasn’t an issue for me)…
A second bank account is unlikely to work, as a credit check will show that you have that account, which will then lead the lenders to ask for statements of that, too. I’ve got a 2nd account, which I told them, and provided documents for, but they were very inquisitive and wanted to know why I had two.
The PayPal trick may work, but again, if you’ve got hundreds of pounds leaving and entering your bank account from PayPal, they will want to know why (if they spot it). If you were asked to lend someone a six-figure sum, wouldn’t you want to know, too!?
It really depends on your circumstances, if you really want the mortgage now, then give it a go, if they say no, and it’s not the end of the world for you, then just give the betting a break for 3 months and then reapply (But bear in mind that the credit checks could damage your credit rating, so may make it harder to apply in the near future).
I was a mug bettor and had the transactions on my statements (but probably about £50 a month), and they didn’t have an issue with that. So you don’t necessarily have to stop altogether, just cut down.
Good luck, and let us know how you get on!+0MattKeymaster1438 May 5, 2020 at 9:47 am
If anyone is planning to apply for a mortgage at some point, you really do need to keep your matched betting activity separate from your everyday in-comings and outgoings.
I’ve put an article together discussing this topic at length and outlining the options that are available…+0
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