The Question
My partner and I are looking to purchase our first home, and I have discovered my partner has been using gambling apps.
The money he has been using has been going out of our joint account. Will this affect my application for a mortgage?
David’s Answer
Potentially, yes.
The impact depends on several factors, including how much money is being spent on gambling apps, how often these transactions occur, and what percentage of your net income is being used for gambling.
A small, occasional expense might not be a major concern. However, if gambling is taking up a significant portion of your disposable income and is affecting your ability to manage other financial commitments, lenders may view this unfavorably, as it could indicate a risk to your ability to repay a mortgage.
If the gambling is infrequent and involves small amounts, it may not be a problem. But if it’s happening regularly and represents a larger share of your income, it could indeed pose an issue.
My strongest recommendation is to speak with a mortgage adviser as soon as possible. They can review your bank statements and assess the extent of the gambling activity and its potential impact on your mortgage application. Without seeing these details, it’s difficult to give a definitive answer.
However, if the gambling is likely to be a concern, it’s crucial to address it now. Establishing a period without gambling-related transactions could be necessary to demonstrate that the situation is under control.
Consulting with a qualified adviser at this early stage is essential. They can provide a clear understanding of whether this issue will affect your mortgage application and guide you on the best course of action.
Meet our expert…
David Jackson established Prestige Private Finance in 2014 after nearly two decades in the mortgage industry. With experience in London’s high-net-worth areas, David and his team offer empathetic and expert advice for your financial journey.
If you have a question for David please email kate.saines@emap.com or leave a message in the comments below.
