If a mortgage lender needs to be careful who he lends to and prove to regulators that they are responsible, it is not too much to expect the same approach to an applicant and his finances. Whilst it’s not up to a mortgage lender to tell you how to spend your money or that you should gamble responsibly, they themselves have a duty to lend responsibly and adhere to mortgage regulation. This is key, ahead of applying for a mortgage. Gambling is seen by many as a hobby or pastime, though it’s also important to remember the tagline on all of those adverts, which is to gamble responsibly. After all, there are many advertisements about gambling these days. We regularly find ourselves being asked by mortgage applicants if gambling transactions look bad on their bank statements? Mortgage Questions to Consider What has it got to do with the lender whether I gamble or not?įrom splashing your cash on the Grand National once a year, to being a regular customer on internet betting websites, properly licensed gambling is not illegal. One of the main reasons for this is to confirm whether you are a responsible borrower who can manage your finances and maintain monthly mortgage repayments. When a mortgage lender asks to look at your bank statement, they will be looking for a variety of things.
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