Online Gambling Mortgage
- I have excellent credit with a car loan as my only debt. I also have 4 CCs that never carry balances. However I have a bunch of online gambling transactions on my last couple months bank statements will that hurt my credit app and possibly be cause for denial for a mortgage loan?
- The bookies love the online accounts too, as michaelm says above, if you're turning a profit, it's only a matter of time before you're blocked. Anyway, focus of this thread is how to avoid evidence of gambling online resulting in mortgage refusal, so a short term switch to in-shop/cash betting may well be prudent.
- What impact does gambling have on a mortgage application? It probably won’t surprise you that gambling and mortgages generally don’t mix well. When a bank lends you money for a mortgage loan, it means they trust you will be able to pay it back. However, if they see that you’re an active gambler, then this may go against your application.
Online Gambling Mortgage Company
Other items being scrutinised by banks include tuition fees, Sky digital subscriptions and mobile-phone bills.
Chief executive of mortgage debt advisory firm Negotiate, Trevor Grant, said gambling transactions on bank statements are often used as a reason to decline a mortgage or restructure application, regardless of any other financial information submitted and its strength.
Mortgage and gambling help. If you do like a punt every now and then, make sure you take the necessary steps to prevent your gambling from affecting your mortgage application. And if gambling is a.
Mr Grant said: “When a lender assesses an application for reduced mortgage repayments due to financial difficulty, the customer is required to submit a detailed application, often including current account and credit-card statements.
“Not unreasonably, lenders will form a view that if the customer is struggling to pay their mortgage they should be tightening their belts, and they consider gambling, for example, as a non-essential activity and therefore should be one of the first social indulgences to be cut,” he said.
The director of the Irish Mortgage Corporation, Frank Conway, said he has seen cases where lenders have questioned mobile phones, school tuition costs and Sky bills.
A spokesman from the Irish Banking Federation said it is important that borrowers seeking to restructure their mortgage repayments carefully review all of their income and expenditure as part of discussions with their lenders, in order to help identify a “new, workable repayment arrangement”.
Other items being scrutinised by banks include tuition fees, Sky digital subscriptions and mobile-phone bills.
Chief executive of mortgage debt advisory firm Negotiate, Trevor Grant, said gambling transactions on bank statements are often used as a reason to decline a mortgage or restructure application, regardless of any other financial information submitted and its strength.
Mr Grant said: “When a lender assesses an application for reduced mortgage repayments due to financial difficulty, the customer is required to submit a detailed application, often including current account and credit-card statements.
“Not unreasonably, lenders will form a view that if the customer is struggling to pay their mortgage they should be tightening their belts, and they consider gambling, for example, as a non-essential activity and therefore should be one of the first social indulgences to be cut,” he said.
The director of the Irish Mortgage Corporation, Frank Conway, said he has seen cases where lenders have questioned mobile phones, school tuition costs and Sky bills.
Online Gambling Mortgage Lender
A spokesman from the Irish Banking Federation said it is important that borrowers seeking to restructure their mortgage repayments carefully review all of their income and expenditure as part of discussions with their lenders, in order to help identify a “new, workable repayment arrangement”.