Hi, Iv a question about a first time buyers application I was hoping someone could shed some light on, basically a couple of years ago now I was at my worst period of gambling, in this time I ended up using credit cards to deposit (stupid I know). However Iv been on gamstop for at least a year now, and paying off credit card debt at a rapid rate which is nice. I have saving with my partner to buy a house hopefully this year, I am just really getting worried about my previous use of gambling on a credit card as Iv checked that it shows up as a cash advance. I will be debt free by the time I apply for the mortgage and my credit score is almost perfect on all platforms, but I am just worried this will stop the application which I will be really embarrassed about to be honest. Was just wondering if anyone has any information about what will be checked?
I think you should be fine, if you have gambled a long time ago on credit cards but never missed a minimum payment then that’s the main thing. If you’ve have missed payments then these stay on your record for 5 years and therefore aren’t great. If the sites Experian, Expedia, clearscore etc have you having a good score, then you should be fine to be approved.
It can effect you if you constantly gamble and they check your bank statements for 6 months earlier, but if you’re gamble free, you should be fine.
All the best,
Thank you for posting and sharing your story.
I’m sure that you will get some invaluable advice from other users on the forum about your query on the financial harm gambling can cause, and the implications of that.
It might also be worth you talking to The Citizen’s Advise Bureau? They offer a free service and will be able to give advice on your potential mortgage and the issue of credit scores etc. You can find them at - https://www.citizensadvice.org.uk/ .
@carlharvey There is nothing illegal about gambling. Whether it was on a credit card or cash withdrawals, what counts is your credit score, your income and expenditures and your deposit.
There should be no reason at all for it to affect your application unless you went into arrears and hard markers put against your file but it sounds like you didn't.
@carlharvey When I applied for my first mortgage 3 years ago I was in the exact same situation as you. A lot of credit card / loan debt but never defaulted and of course was partial to gambling and I even think my credit score was poor at the time. Anyhow, I was convinced the mortgage application would be declined but to my surprise it wasn’t and was also offered a really low interest rate of 1.4%. I would say you’ll be fine.
Im going through a similar thing now as I’m in the process of a separation with my partner and we are selling up. We are splitting the mortgage in half and I’ll need to borrow a bit more to get a new place on my own. Whilst my income is ok and on paper I can borrow what I need, my debt has got a little bit higher and my gambling has been worse over the last few months so I am worried Santander won’t allow me to port my mortgage and top it up. Hopefully that I’m an existing customer of theirs, never defaulted on a payment and will have £25K deposit for the new place then I should be ok. Good luck with yours, you’ll be fine