Online Gambling Affect Credit Rating

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  1. Online Gambling Affect Credit Rating 2017
  2. Does Online Gambling Affect Credit Rating

The major banks and building societies are starting to lend more to borrowers with good credit and a hefty deposit. Some banks will examine everything going in and out of your bank account, and those will typically dish out the best interest rates. Other lenders might not be as stringent.

Online Gambling Affect Credit Rating

The important thing is to get a good mortgage broker. They can do all the relevant checks first before recommending you to a bank. The broker will also assess your gambling for any pitfalls, however.

PROFESSIONAL GAMBLING:

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If you’re a professional gambler, lenders will not look favourably on you if you are making your living from slots and sportsbetting. With no tax on UK gambling winnings, gamblers will effectively have no taxable income – and it doesn’t matter how well you’ve hit that jackpot on Mega Moolah.

Lenders don’t see gambling as a sustainable source of income (and even ‘skill’ games like poker are considered gambling). Some unsecure lenders will be more lenient on your information, but the interest rates could be higher.

One tip that professional gamblers use is to have a secondary source of income, like a part-time PAYE job with a contract. Gambling winnings can go towards a deposit while the contract can be used to apply for the mortgage itself.

CASUAL GAMBLING:

Even “hobby” gamblers can fall foul of the lenders. One mortgage broker told us:

Online Gambling Affect Credit Rating 2017

“We have had a client turned down by a lender for spending a just a few hundred pounds a month or so on an online bingo website. ”

Does Online Gambling Affect Credit Rating

The key is how regular the gambling is. If you deposit £200-300 a month or more regularly into a casino online, the banks will flag it up.