Does Matched Betting Affect Credit Score And Mortgage?

Matched Betting does not affect your credit score in any way.

Experian confirms that:

“Gambling activity does not show up on your credit report, nor does it directly impact your credit history.”

When considering your mortgage, Matched Betting can potentially affect your mortgage application - so it’s important to understand any implications.

In this article, you’ll learn the effects of Matched Betting on your credit score and mortgage, how to avoid any negative impacts and instead use Matched Betting to help your mortgage applications.

Please note, that this is not financial advice but coming from our own experiences - always speak to a financial/mortgage advisor for professional and personalised advice.

The Effects Of Matched Betting On Your Credit Score

Matched Betting or any form of gambling will not directly affect your credit score and you can check this using the Experian website to see your credit report.

Some betting sites may perform what is known as a soft credit check. These are only visible to you and have no impact on your credit score or credit applications you make in the future.

If you were to venture away from Matched Betting and instead gamble excessively, this could harm your credit rating.

Ultimately, your credit score is a measure of your creditworthiness - can you afford to pay back the borrowed money on time? If you engage in gambling and lose money that prevents you from paying debts then this will negatively impact your credit score.

Furthermore, this would be a serious issue that you should address and seek professional help. Likewise, if you’re struggling with debt, it may be wise to seek financial advice.

If you stick to Matched Betting, this will not be a problem for you as you’ll be making profits instead of losing money by gambling.

The Effects Of Matched Betting On Your Mortgage

To begin with, if you already have a mortgage in place, Matched Betting will not affect it in any way other than potentially helping you pay it off faster!

Matched Betting can potentially affect your application for your first mortgage or if you’re looking to remortgage. This is because lenders check your income and expenditure.

Although most lenders accept that Matched Betting is legitimate and a safe way of making money, they don’t accept “gambling winnings” as income so they can only take the betting transactions that are leaving your bank as an expenditure.

Just looking at your betting deposits and not withdrawals won’t accurately reflect the profits you’re making when Matched Betting so being aware of this is important before applying for a mortgage.

Top Tips On How To Get A Mortgage When Matched Betting

There are several things you can do to boost your chances of getting a mortgage whilst Matched Betting.

Use A Separate Bank Account For Matched Betting

Having a bank account dedicated for your Matched Betting activity is a great idea to help stay organised and avoid the temptation to spend your profits too early so you can continue reinvesting and growing your bankroll.

This could also help with your mortgage application as some lenders may only request to see your main bank account statements that your main salary is paid into and your essential living expenses are paid from.

Other lenders may have stricter requirements and request to see all your open bank accounts so it’s well worth speaking to a mortgage advisor in regards to this.

Clear Your Betting Transactions

Most lenders will ask you to provide at least three months' worth of bank statements to perform an affordability check. They do this to assess your income vs spending and determine that you’ll be able to afford to borrow the amount you’re applying for.

A simple solution to avoid Matched Betting affecting your mortgage application is to stop any betting transactions for three months before applying for a mortgage.

Doing so will clear your bank statements of any gambling transactions. Some lenders may be more stringent and check up to six months to a year's worth of bank statements.

To be ultra cautious you could stop any betting activity for an extended period up to a year but we’ve not heard of many lenders that perform checks of over six months.

An exception to this is for self-employed workers; if you fit into this category you’ll typically have your full accounts checked for up to one to three years.

Use A Mortgage Broker

You should always use a good mortgage broker - the best mortgage brokers are free to use so won’t cost you anything extra. They get a fee from the lender, not you.

The important thing is that you can be open and honest about your Matched Betting activity and your broker will then be able to advise the best course of action for you to take and know which lenders to use and avoid.

You’ll then know where you stand with your circumstances and know if you’ll be able to secure a mortgage.

Boost Your Deposit

One of the best ways you can use Matched Betting to boost your chances of securing a mortgage is to use your profits for your down payment/deposit.

Matched Betting provides you with a brilliant way to increase your savings which can help you save for your first deposit or help to reduce the overall amount you’re borrowing, meaning you’ll pay much less in the long run.

Using profits for other expenses such as house deposits is common practice among successful Matched Bettors. So go ahead and put your tax-free profits to good use!

Summary

You’ll now understand the effects Matched Betting can have on your credit score and mortgage. If in doubt, always seek advice from financial advisors and use a mortgage broker whenever applying for a mortgage.