It’s no secret that I’m a big fan of matched betting as a great way to bring in some extra cash. It’s risk-free and guarantees profit every single time. I’ll be the first to admit that I had my doubts initially though. I was on maternity leave with my youngest child and we needed extra cash – matched betting sounded too good to be true. There are so many scams out there that it took me a long time to take the plunge. I spent hours and hours trawling the internet, researching and asking lots of questions. Eventually, I bit the bullet and gave it a try, and I’ve never looked back!
I get asked lots of questions about matched betting, and hopefully some of these are answered in my free beginner matched betting course – you can sign up for that here.
Matched Betting and Mortgages
One of the big questions that comes up, is how will my matched betting activity impact my mortgage application. First of all, it’s important to note that all mortgage companies have different requirements. This post is for general advice only.
When you apply for a mortgage, you’ll obviously need to provide recent payslips to prove your income. This can vary from provider to provider but 3 months seems to be pretty standard. You’ll also need to provide proof of identity such as birth certificate or passport. As well as this, it’s becoming increasingly common for mortgage providers to ask to see recent bank statements. They want to be sure that you won’t have a problem repaying your mortgage, so they like to see proof of your monthly outgoings. This is what concerns people most when they’re thinking about the impact of matched betting on a mortgage application. Let’s face it, it’s not going to look good to a mortgage provider if they can see multiple transactions to betting and gambling websites – whether they can see you’re in profit or not!
Matched Betting & your credit report
One of the big concerns with matched betting is will it show up on your credit report. We all know that it’s important to have a good credit score to give you the best chance to get a good mortgage deal. The simple answer is NO – your matched betting history will not show up on any credit checks carried out by mortgage providers! When you open up an account with a bookmaker, they carry out basic searches to make sure that you are who you say you are. These searches are soft searches, they don’t show up or impact your credit score at all.
Can you use your Matched Betting income in a mortgage application?
Once you become an established Matched Bettor, you could well find yourself earning in excess of £5oo every month. This is fabulous and this is why I love matched betting so much! All that lovely money and better still, it’s completely tax-free! The downside of this though is that because it’s not declarable, it won’t be counted as a source of income for your mortgage application. It is, however, a great way to help to build up a great deposit to lessen the amount you need to borrow.
Minimise the impact
Open a separate bank account. It’s standard practice for most Matched Bettors to open a separate bank account to use solely for matched betting. I’d definitely recommend doing that regardless of whether you’re planning to apply for a mortgage any time soon or not. It just keeps everything neat and tidy and helps you to keep track of your money so much more easily than if you’re trying to find transactions amongst your bills and general spending.
Use Paypal. It used to be advised to use a Skrill account for matched betting. However over the last year or so, lots of bookies have banned the use of skrill with their promotions. I’ve found paypal a great alternative. I have an amount of money in paypal all the time which means my bank accounts don’t get used for matched betting at all. There are the odd offers that don’t accept paypal, but they really are few and far between.
Play it safe. Stop matched betting at least 6 months before you apply for a mortgage. When you apply for a mortgage, they’ll probably want to see the last 3-6 months of bank statements. If you’re going to do this, you could load money into your bookie and exchange accounts beforehand so that you can still take part in offers but you’re not moving money in or out of your bank accounts in the run up to a mortgage application. Or, as above, load up your paypal account and your exchanges with enough to keep you going.
There’s no doubt that matched betting is an incredible way to boost your income. If you are thinking of buying a property in the near future, then it’s a fantastic way to save extra money for your deposit or any other expenses you’ll inevitably encounter along the way. Think about your long-term goals and plan ahead so that you can benefit from that extra cash without impacting on your mortgage application.
If you haven’t already, I’d definitely recommend signing up to Profit Accumulator. There are quite a few matched betting companies out there now, however I’ve been with PA for over three years now and honestly wouldn’t have made anywhere near as much money as I have without them. Their support service is amazing. They have dedicated customer service staff available every day on the phone, as well as a forum team available practically 24/7 if you come unstuck.
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