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Mortgage Options for Gambling Income

Discover advice from the independent professionals about why a gambling profession may be a factor in your mortgage application - and which lenders are happy to lend to professional gamblers.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-06-15
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Getting an Income From Gambling? You Can Still Obtain a Mortgage

Income from gambling is rarely seen as a viable earnings source for a mortgage application. It can be tricky to use revenue from gambling both for professionals and recreational gamblers who might not even seek to use their winnings as a primary income basis – and mean you have a mortgage declined gambling justification.

Here we'll explain what the difference is and how mortgage lenders are likely to treat this income – and why a mortgage declined gambling is common.

To help find a mortgage as a professional gambler or understand how recreational gambling is likely to impact your chances of approval, contact the Revolution Brokers team on 0330 304 3040, or drop us a message at [email protected].

Can I Get a Mortgage If I Am a Professional Gambler?

Possibly - although a lot of the considerations around the potential of having a mortgage declined gambling depends on your affordability assessment. The issue is that gambling is risky in its very nature, and there is a high possibility that your income will go up and down.

Without a stable monthly income, getting a mortgage is difficult. If you have a track record of steady earnings, you are more likely to be approved rather than getting a mortgage declined gambling decision.

Lenders will consider:

  • Your affordability and stability of income.
  • How much you earn vs how much you gamble.
  • What you will use to pay your deposit.
  • Evidence of your income.
  • Whether you have other income sources.
  • Your credit score and credit history.
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What Type of Gambling Income is Acceptable for Mortgage Purposes?

The type of gambling you do makes a big difference when it comes to a mortgage lender. If you play online poker, you might be more likely to be approved with a good track record than if you play games of chance (rather than skill) such as roulette. Riskier gambling is more likely to end up in a mortgage declined gambling decision.

More acceptable gambling income includes proceeds from:

  • Professional poker - whether in person or online.
  • Blackjack and baccarat.
  • Horse and dog racing for professional owners, trainers or backers.
  • Matched betting.

A lot also depends on your financial liquidity and the value of the typical bets you place on whether you will have a mortgage declined gambling decision. For example, if you have £100,000 in cash savings and bet £1,000 a time, it is far less risky.

Therefore, lenders will want to see a sizable deposit, and consequently, a lower Loan to Value ratio, to avoid accepting too high a risk when deciding whether to issue a mortgage declined gambling decision.

What Deposit Sources Will Mortgage Lenders Accept from Professional Gamblers?

In most cases, a lender accepting a 25% deposit will be reasonably comfortable offering a 75% mortgage, no matter where the deposit comes from – they may require a higher deposit to avoid a mortgage declined gambling decision.

That said, there are policies and rules about where deposits originate. Gifted deposits from family members are seen as lower risk, and cash deposits are widely accepted.

For gamblers, the lender also needs to know that the applicant can afford the deposit without damaging their ability to earn a consistent income. For example, if a professional gambler uses all of their cash savings for a deposit, will they still be able to gamble at the same level? These complex assessments can be an element in a mortgage declined gambling decision.

The ideal for a lender is an applicant with a large deposit, who will have a suitable level of savings remaining to continue earning the same income level without risking a mortgage declined gambling decision.

How Can I Prove My Income for a Mortgage as a Professional Gambler?

Keeping records and evidence of winnings can be difficult. Usually, a lender will require a full set of accounts showing profit and losses before deciding whether to issue a mortgage declined gambling decision.

Although some will accept annual accounts, other lenders will need a breakdown per month or even per week while considering whether they will end up with a mortgage declined gambling notice.

Other income sources can offset the risk, so if the gambler has a full-time position or earns a regular salary, the lender is more likely to approve the application without considering a mortgage declined gambling decision.

Can I Get a Mortgage as a Gambler with Bad Credit?

Bad credit always makes it harder to get a mortgage, and much more so for a gambler – making a mortgage declined gambling decision more likely.

Lenders will consider when the bad credit issues occurred, how serious they were, and if the debt has since been repaid.

There are specialist bad credit lenders who will lend even in repossession or bankruptcy scenarios. Still, anybody with a variable income and a high-risk income stream will need a substantial deposit and be quoted higher interest rates.

Can I Use Casual Gambling Income on a Mortgage Application?

The likelihood of a mortgage declined gambling decision is a little different for recreational gamblers who have a job or employment to use against a mortgage application.

Lenders will look at:

  • How often and how much you gamble. Large, risky transactions will make it harder to find competitive mortgage rates.
  • If you gamble a small amount that is affordable within your other income streams, the risk is relatively low. However, large value bets of thousands of pounds will damage your chances of mortgage approval.
  • The source of your gambling funds. Borrowing cash through credit cards or overdrafts will present a potential bad credit issue.
  • How you will pay your deposit. Gifts from family members or savings are the lowest risk sources.
  • Your credit history, with adverse credit issues having a more significant impact on your eligibility assessment if credit issues have arisen due to irresponsible gambling.

Does Recreational Gambling Damage My Chances of Getting a Mortgage?

Yes, recreational gambling can contribute to a mortgage declined gambling decision. Lenders work on a risk assessment basis. If they can see heavy gambling losses, risky spending or reliance on short-term credit, they may refuse the application or accept it on less competitive terms.

Expert Advice on Mortgages for Professional or Recreational Gamblers

If you are a professional gambler or like a flutter from time to time, the mortgage application process and the best lenders to apply to is likely to be different – professional advice can considerably lower the risk of a mortgage declined gambling decision.

Business finance broker is an independent, whole-of-market team negotiating mortgages for people with all sorts of variable and unusual income streams, assisting clients seeking to avoid a mortgage declined gambling decision.

Contact us on 0330 304 3040, or email via [email protected] for an assessment of your circumstances and to get started finding the ideal mortgage product for you, whether you have had a mortgage declined gambling decision or wish to prevent this outcome.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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