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Does GamStop Affect Getting A Mortgage?

Does GamStop Affect Getting a Mortgage
Author: Rob Davies

While looking for a mortgage, gambling might be taken into account after the submission of the application. The lender would access the risk amount of a person when lent to. Assurance regarding the payback is taken into consideration before the application is taken into consideration. However, GamStop does not affect getting a mortgage since it helps a gambler to overcome his addiction.

An affordability assessment is conducted by the mortgage adviser to ensure that one can meet the monthly payments for the mortgage. Though GamStop does not cause harm to the overall process, punters might find some ways to get around Gamstop. This might cause some trouble while getting a mortgage.

GamStop is a self-exclusion scheme established in November 2016 and is operated by the National Online Self Exclusion Scheme Limited or NOSES. Players with a history of problem gambling can opt for this scheme to restrict themselves from indulging at Casinos licensed under the United Kingdom Gambling Commission (UKGC). However, enrolling in Gamstop doesn’t necessarily mean bad debts.

What Can Affect Getting A Mortgage

Like punters, mortgage lenders too have a set amount of money available and don’t want to risk it. Thus, thorough checks are done to avoid lending to applicants with high risk. Certain lenders consider high-risk applicants but charge high-interest rates in order to mitigate risk. Thus, multiple factors can affect getting a Mortgage.

  1. Bad Credit Rating: Gamstop is a popular scheme by the UKGC to help problem gamblers. It aims at reducing the high rate of gambling harm and addiction. Gamstop does not affect credit rating as it has zero connection or reason for imposing one. It does not check a gambler’s credit file while they sign up and thus, it is a relief for punters aiming to get a mortgage.
  2. Gambling With Credit Card: When a mortgage application is submitted, the lender would also require the bank statements of the past months. Betting in small amounts is considered a normal situation but when the transactions are massive and via a credit card, it definitely would affect his decision. Borrowing money from the bank would mean that one is not having sufficient savings or bank balances that are needed to fulfill a bet.
  3. Overcome Your Finance Possibilities While Gambling: To be able to successfully Mortgage, a punter has a few options in order to not ruin his chances. He can either stop gambling once and for all also for his own good which would also clear his savings history, use some other account for gambling transactions, pay off debts, mend his credit history. For a professional gambler, the stability of his income is checked in order to find out whether he is earning or spending more.
  4. Having Debts: If a lender finds that gambling causes financial trouble for the person, the mortgage gets hampered. If a person is a regular punter, it would indicate that he has a lower savings balance for making a deposit which will directly cause a negative impact on the application even if he is not taking out credit or loans. Since lenders aim at avoiding any risk, debts are a major drawback while getting a Mortgage.

Conclusion of GamStop and Getting a Mortgage

If a person is unsure whether his gambling habits would affect getting a Mortgage, he must always consult a Mortgage broker for a rain check. GamStop is a progressive step towards getting a Mortgage because it indicates that a person is willingly giving up gambling. However, the capacity to pay off Mortgages is studied too. Thus, Gamstop is not the sole solution. A punter has to work hard in order to be able to produce statements that would reflect his gambling behavior.

Mortgage And Gamstop FAQ

🤔 Will I face problems with mortgages if I am a Gamstop registered user?

No, a Gamstop registered user does not face problems with mortgages because Gamstop does not affect the credit rating even after credit checks. It can be an advantage for banks as there will be no gambling expenses being deducted from a Gamstop user. Gamstop registered users would also reflect a willing effort to give up gambling which can be a positive factor for mortgages.

🤔 How Can Gambling influence getting a Mortgage?

Minimal gambling tendencies are not of concern. However, for securing a mortgage, gambling debts can be a major drawback if the punter is not able to draw control or pay off the debts. If you spend too much on gambling or have debts, it can have a negative impact while getting a Mortgage. Only if a person has stopped making deposits to gambling websites for quite some time, the source of the debts is not disclosed.

🤔 What To Do In Case Of Refusal?

If an application for a Mortgage is refused due to the above-mentioned scenarios, one has to clear debts, improve savings and credit rating and try one more time, do not spend money on gambling. This would also result in reflecting a good credit history. However, if the gambling tendencies are serious, one must always register at GamStop in order to come out of their addiction.

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