So, you’re pumped about making some tax-free profits with matched betting, but now you’re worried it might mess up your chances of getting a mortgage. The short answer is: yes, matched betting can impact your mortgage application. But don’t fret, there are ways to handle it.
One option is to use a separate bank account just for your matched betting activities. Another is to take a break from matched betting for a few months. In this article, I’ll explain how matched betting could affect your mortgage application and suggest some ways to mitigate the risk.
First off, I’m not a mortgage advisor, and this isn’t professional advice. This article is just to give you an idea of potential issues with matched betting and mortgages. For tailored advice, you should speak to a professional.
### Will Matched Betting Affect My Mortgage Application?
The main reason matched betting can cause mortgage issues is that lenders will ask for 3-6 months of bank statements to check your affordability. They want to ensure you’re not living beyond your means and can make your monthly repayments. If they see lots of deposits to gambling sites, it raises a red flag.
Even though matched betting isn’t gambling and you’re making a profit over time, many lenders won’t understand this. They might see frequent betting transactions and assume you have a gambling problem, which is a risk to them.
Most lenders will only look at your main current account, so using a separate account for matched betting can help. However, some lenders might ask for statements from all your accounts. This is rare but possible. To be safe, consider stopping matched betting for at least three months before applying for a mortgage.
### Can I Use Matched Betting Profits for a House Deposit?
Yes, you can use matched betting profits for your house deposit. It’s a great way to save! If asked about the source of your funds, you can truthfully say you saved up over time. If your savings were built gradually and align with what someone in your position could reasonably save, you likely won’t face further questions.
However, if a lender digs deeper, you’ll need to declare matched betting. Whether they accept this depends on the lender, but it should be fine if they see you’ve made a profit and don’t have a gambling problem. A mortgage broker can help find lenders that will accept your funds.
### Can I Count Matched Betting Profits as Income on My Mortgage Application?
No, you can’t count matched betting profits as income on a mortgage application. Lenders need to see proof of regular monthly income, like payslips and tax returns. Since matched betting profits aren’t declared on tax returns (because they’re considered gambling wins, which are tax-exempt), you don’t have ‘proof’ of income.
In some cases, professional gamblers and full-time matched bettors might be able to get a mortgage if they have detailed records, are consistently profitable, and meet other criteria. For this, you’d need specialist advice from a mortgage advisor.
### How to Increase Your Chance of Getting a Mortgage While Matched Betting
**Option 1: Use a Separate Bank Account for Matched Betting**
Most lenders only ask for statements from your main account. Keeping all betting transactions separate can help. If you need a new bank account, Starling is a good option. Avoid Monzo for matched betting, as they’ve been known to shut down accounts for excessive gambling transactions.
**Option 2: Stop Matched Betting for 3-6 Months Before Applying**
If lenders ask for statements from all your accounts, stopping matched betting a few months before applying can help. This way, your recent statements won’t show any betting transactions.
**Option 3: Use Alternate Payment Methods**
Using PayPal or other e-wallets for matched betting transactions worked for me, but many bookies now exclude PayPal deposits from promotions. If you use alternate methods, check the T&Cs to ensure you still qualify for free bets.
**Option 4: Use Money in Your Betting Accounts**
Continue matched betting but only with the money already in your betting accounts. This keeps transactions to a minimum. Occasional small deposits or withdrawals shouldn’t raise red flags, as banks understand that people bet occasionally.
### Which Option Should I Pick?
How cautious you need to be depends on your overall mortgage eligibility. If you meet all the criteria for getting a mortgage—steady income, good deposit, good credit score, etc.—you likely have many options. If one lender rejects you, try another.
If any factors might restrict your mortgage options, like being self-employed, it’s wise to be cautious and stop matched betting until you’re approved.
### Final Thoughts on Matched Betting and Mortgages
Matched betting can affect your mortgage application due to lenders’ concerns about gambling activities. While it’s a legitimate way to make extra money, many lenders may view it as a risk. To improve your chances of getting a mortgage, consider using a separate bank account for betting transactions or pausing your betting activities temporarily.
Every situation is unique, so there’s no one-size-fits-all answer. A good mortgage broker can help find lenders likely to approve your application. By staying informed and making smart choices, you can enjoy matched betting without jeopardizing your dream of owning a home. Good luck!