Matched Betting and Mortgages and Bank Loans
Does Matched Betting affect mortgage applications?
Can I still get a loan from my bank?
Does Matched Betting affect credit rating?
These are some of the most common concerns from Matched Bettors.
If you consider applying for a mortgage sometime in the future, need a loan for a car or generally concerned about the impact Matched Betting will have on your relationship with your bank, then this blog post is for you.
How does your bank see Matched Betting?
Before we more on, please note that we are not financial advisors and every application and bank is different. Hence, you are advised to contact your own bank for advice.
We all know Matched Betting as a great way to increase your monthly income, which could contribute to the down payment of a house.
Surely, the banks just love your ability to boost your income – or do they?
How can the bank know you are Matched Betting?
A common concern is whether Matched Betting will have any negative influence if you at some point wish to apply for a mortgage, a car loan or any other service from the bank.
The bank can of course not know that you are Matched Betting.
So, what is the issue?
When you have been Matched Betting for a while you will likely have a large number of bookmaker accounts.
Every transaction i.e. the deposits or withdrawals you make will show up on your bank statement and therefore be known to your bank.
Now, one or two small deposits to per month is not an issue but with an increasing number of bookmaker accounts, you will also have an increase in the number of transactions. All of these will be listed on your bank statement amongst your regular monthly spending and shopping.
I earn money so what is the problem?
The main concern of any lender is whether or not you are able to repay the loan.
Seeing a consistent pattern of (as the lender would see it) gambling related post on your bank statement may result in the lender not trusting your ability to manage your money and there is an increased risk that you cannot repay the loan.
Tips to avoid negative impact on your bank business
What can you do to avoid that Matched Betting has a negative effect on your mortgage or loan applications?
Below are some of your options.
Take a break
This tip is no fun but kind of obvious. Simply put anything on hold that would involve making deposits or withdrawals from a bookmaker. You can of course continue as long as you have available fund in your betting exchange account and bookmaker account.
When I applied for a loan, I had to submit two months of bank statements. That must mean the waiting time would have to be two months to ensure a “clean” bank statement.
Using e-Wallets will not completely remove any gambling related transactions. However, it will greatly reduce them.
You can still do a couple of transaction per month to and from your e-Wallet account because they will appear e.g. as a Skrill transactions rather than a bookmaker transaction. Once the money is in your Skrill account, you can move it around as much as you want without any impact on your bank statement.
We recommend using either Skrill or EcoPayz.
Open a separate bank account
Another solid option is to open a Matched Betting dedicated bank account. A good idea could be to open that account in a bank different to the bank you normally would use. This also has the advantage that it will be easier for you to keep an overview, as all your Matched Betting transactions won’t clutter your current account.
Hopefully the above has given first of all an answer to your questions but also ideas on how to ensure you can continue Matched Betting without risking a mortgage or loan application.
One of our members actually reported to us that his income from Matched Betting was assessed positively when he applied for a mortgage. Even though the income wasn’t added to his regular income, it was seen as an added bonus. Therefore, it does depend on the individual bank or bank advisor.
Get in touch with other Matched Bettors via our Matched Betting Forum.