Forums

General Betting

Welcome to Live View – Take the tour to learn more
Start Tour
There is currently 1 person viewing this thread.
f1rules
19 Dec 10 15:26
Joined:
Date Joined: 24 May 06
| Topic/replies: 20 | Blogger: f1rules's blog
looking to get a mortgage shortly, i regularly bet using my credit card, will the mortgage lenders decision be affected by my gambling activities?
Pause Switch to Standard View do mortgage companies check credit...
Show More
Loading...
Report turtleshead December 19, 2010 3:41 PM GMT
It will certainly be one of the things looked at, yes. More important is your ability to repay amounts borrowed.

Why would anyone use a credit card to gamble with, it's bonkers.
Report snookerpro December 19, 2010 4:09 PM GMT
No, they wont look at what you've used your credit card for, they most likely want your last 3 months bank statements. Important thing is that you havent had any missed payments on your credit cards. Make sure you're registered on the electoral roll as well.
Report toffee87 December 19, 2010 4:41 PM GMT
i use my mates credit card to bet with and he just successfully remortgaged his house
Report worcesterwilly December 19, 2010 5:15 PM GMT
It depends totally on who the Lender is and how strict or otherwise their Credit (Lending) Policy is.

Most will want Bank Statements to assess your income and expenditure and providing you pay credit card bills on time and have no arrears on credit card payments they will not want to physically check the itemised bill.

In some ways its better to have a few cards as it proves that you can be trusted to repay money that you have borrowed - I know of people who have failed credit scores due to having no credit - the logic being that you haven't proven you can repay it if you have it.

The key decision points will be-

Loan to Value - what % of the House value are you borrowing.

Have you got verifiable Income and a verifiable work history.

Do the income multiples stack up e.g @ 3 to 3.5 x single salary or 2.5 x joint salary.

Is the great majority of your salary fixed i.e make sure you aren't reliant on bonuses or sales.

What's your Disposable Income....the difference between what you currently earn and currently spend - will it support the mortgage payment (this will include an endowment or pension linked if you are paying interest only)and will it support essentials like House Insurance and utility bills etc..

Hope this helps..
Report Decky December 20, 2010 4:04 PM GMT
I use my card a lot for both betfair and other accounts and i got approved last July, they look more at your savings record and propensity to pay back. What you could do if they question you is say that you use your credit card for a mate who is funding his account through you and you are putting a stop to it. Then you could use paypal instead to fund your account.
Post Your Reply
<CTRL+Enter> to submit
Please login to post a reply.

Wonder

Instance ID: 13539
www.betfair.com