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If you've been refused a mortgage due to gambling, then now might be the right time to turn things around and seek advice. Visit the GambleAware website for help with a gambling addiction. Because we play by the book we want to tell you that Your home may be repossessed if you do not keep up repayments on your mortgage. ONLINE gambling and evidence on your credit card statements of paying Paddy Power and other internet bookies is a 'red flag' that may stop you getting a mortgage, the Sunday Independent has learned.
The actual type of gambling can have a significant impact on mortgage approval, for example: the best winning streak ever on roulette is unlikely to be accepted, but a regular win ratio of online poker tournaments may well be, given that the game is based more on skill or knowledge than luck. Arkansas Casino Gambling Bill Details Now Made Public. At the moment, Arkansas does not have any Online Gambling Mortgage Application legalised casino industry, but the situation could change soon because the legislators.
Generally speaking, gambling and mortgages do not mix well. Taking out a mortgage means that a bank or building society trusts that you're able to pay the money back. But if they see that you're an active gambler, then this may go against your application.
However, there is a difference between those who gamble large amounts of money on a regular basis (including those who are professional gamblers), compared to those who might put a small bet on every now and then.
When will gambling affect a mortgage application?
If you're a professional gambler wanting to use your winnings as evidence that you can afford to take out a mortgage, then you might come up against a few hurdles, as this is considered far more risky than someone who has a job and gambles occasionally on the side. That's not to say that it isn't impossible though. Those lenders who are willing to lend you the money might alleviate this risk by increasing the interest rate and only lending a small amount of money.
Whilst you may argue that professional gambling is no different to getting a mortgage when self-employed, gambling is still deemed as a riskier business than self-employment, especially if there's no trace of regular savings but a build-up of debt instead.
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Ultimately, you need to be aware that if you're a professional gambler, this activity is seen as a risk and could result in your mortgage being declined.
When won't gambling affect a mortgage application?
When lenders carry out their affordability checks, they look at your bank statements from the previous 3-6 months. Therefore, any gambling on your bank statements during this period will be seen by your potential lender. However, the lender is not going to judge you on what you chose to spend your money on. Their primary concern is that you aren't getting into debt in order to fund the gambling, so if you're betting using your own money, and you aren't in debt, then this shouldn't affect your mortgage application.
Similarly, if you only put the odd bet on here and there, then you don't need to worry about gambling affecting your mortgage application. Just be mindful that if your finances begin to suffer because of it, then this may affect things.
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How to get mortgage approved
Online Gambling Mortgage Lender
If you do gamble and you're worried about getting a mortgage, you could try the following things to help improve your situation and get yourself mortgage ready:
Clear your debts - Clearing off any debt you have shows that you're responsible when it comes to your finances.
Regular savings - Again, it's all about responsible lending, so if you can show that you have a savings account that you pay into regularly, the lender will see you as a low-risk borrower.
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Good credit history- Having a good credit history improves your chances of getting a mortgage, so you should work to improve your credit score.
Stop gambling - The most obvious, but this can only happen if you want to stop gambling.
Get the right mortgage advice
Speaking to a mortgage broker can help you get the right advice that you need in order to fulfil your dream of getting on the property ladder. They'll be able to address any worries or concerns that you may have about your spending habits.
At Mortgage Advice Bureau, we deal with people from all walks of life and we do not judge anyone's personal circumstances - we are simply here to help.
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Get help for your gambling addiction
If you've been refused a mortgage due to gambling, then now might be the right time to turn things around and seek advice. Visit the GambleAware website for help with a gambling addiction.
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.
Online Gambling Mortgage Lender
If you do gamble and you're worried about getting a mortgage, you could try the following things to help improve your situation and get yourself mortgage ready:
Clear your debts - Clearing off any debt you have shows that you're responsible when it comes to your finances.
Regular savings - Again, it's all about responsible lending, so if you can show that you have a savings account that you pay into regularly, the lender will see you as a low-risk borrower.
Online Gambling Mortgage Application
Good credit history- Having a good credit history improves your chances of getting a mortgage, so you should work to improve your credit score.
Stop gambling - The most obvious, but this can only happen if you want to stop gambling.
Get the right mortgage advice
Speaking to a mortgage broker can help you get the right advice that you need in order to fulfil your dream of getting on the property ladder. They'll be able to address any worries or concerns that you may have about your spending habits.
At Mortgage Advice Bureau, we deal with people from all walks of life and we do not judge anyone's personal circumstances - we are simply here to help.
Online Gambling Mortgage Company
Get help for your gambling addiction
If you've been refused a mortgage due to gambling, then now might be the right time to turn things around and seek advice. Visit the GambleAware website for help with a gambling addiction.
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.
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'.
