Can Matched Betting Affect Your Mortgage?
Last Updated on December 1, 2022 by The Betting Dad Team
Having just started Matched Betting, you may have wondered – ‘Can Matched Betting affect your mortgage?’.
In this post, you’ll find out the answer along with some helpful suggestions.
It is important to note that this is not financial advice.
We are simply sharing our experiences with mortgages and Matched Betting.
Can Matched Betting Affect Your Mortgage?
The simple answer is, yes.
Having lots of betting activity on your bank statement can look suspicious to lenders.
Lenders won’t be impressed, even if it is clear from the transactions that you are making money.
The money leaving your account is classed as your outgoings.
The profit coming in from Matched Betting is not taken into account as official income.
Lenders will potentially categorise you as a ‘higher risk’ client.
Is It Possible To Get A Mortgage Whilst Matched Betting?
You can, however, still get a mortgage even with gambling transactions on your statement.
Lenders are checking if you can afford what you are spending.
If your income is significantly higher than the amount that leaves your account each month for example.
You will likely pass an affordability check even with gambling transactions on your account.
You may, however, not be on a high enough wage to justify the Matched Betting outgoings.
If this is the case, you may wish to consider the options discussed below.
Open A Dedicated Bank For Matched Betting
Some, not all, lenders will only request to see your main bank account where your main salary is paid into.
It makes sense for you to open a separate bank account exclusively for Matched Betting.
In addition to helping you when it comes to mortgage applications, there are other benefits.
Having a dedicated ‘Matched Betting bank’ will help you treat it as a small business.
This helps avoid the temptation to spend your profits too early.
You can also keep reinvesting and growing your bankroll as you learn more strategies.
Clear All Matched Betting Transactions for 3 – 6 Months
Most lenders will ask you to provide at least 3 months’ worth of bank statements.
They do this to assess your spending and determine what you can afford to borrow.
A simple solution is to stop Matched Betting for 3 months before applying for a mortgage.
This will clear your bank statements of any gambling transactions.
Some lenders may be more stringent and check up to 6 months of bank statements.
To be ultra cautious you could stop any betting activity for 6 months.
We have not heard of any lenders checking over 6 months.
An exception is for self-employed workers who often have their full accounts checked up to 1 – 3 years typically.
Use A Mortgage Broker
You should always use a good mortgage broker and this is ultimately the best advice we can give.
The best mortgage brokers are free to use so won’t cost you anything extra.
They get a fee from the lender, not you, and you can be honest about your Matched Betting activity.
Your broker will then be able to advise the best course of action for you to take.
You will then know where you stand and how to secure a successful mortgage application.
Final Thoughts On Getting A Mortgage When Matched Betting
If you know you are applying for a mortgage in the near future it may be best to hold off on Matched Betting until it is approved.
At the very least, run your betting activity through a separate bank account.
Either way, be sure to use a mortgage broker.
They will be able to give you the latest advice and be in the best position to answer – ‘Can Matched Betting affect your mortgage?’.