Online gambling affecting mortgages?

[The Buzz]

The Irish Times is reporting this week that mortgage applications are being rejected if the applicant admits to gambling online.

A spokesman for the Independent Mortgages Advisers Federation said that banks now regarded online betting very negatively.

He said that while any such activity appearing on a current account submitted to a bank as part of a mortgage application would not automatically disqualify someone from being granted a loan, it was one of the criteria being applied “in a market where they are looking for any excuses” to reject applications.

“The banks will never admit it,” said Mr Dowling, but “it is . . . being discussed . . . I don’t think online gambling is to be encouraged if people are making a mortgage application, in particular if there are regular amounts going out.”

[shanepeterson]

One of my friend decided to apply for a mortgage loan, or even a few years ago and his financial advisers telling him to stop gambling / B365 deposit with him, so he can claim that he stopped as soon as possible. Generally do not have bank staff are pleased to this point. The second account should be useful, but you did not list all your other accounts.

[davenewgates]

For obvious reason, they don't want mortgage applicants to gamble the money that is supposed to be paid for them.

[JoeAdams]

I guess the bank just did the right thing.. Using the money from a mortgaged property for gambling is not a good idea. Mortgage money are intended only for business purpose. Remember, a responsible gambler gamble only the money he/she have and will not go beyond financial limit.

[best.hands]

This case is a lot more like prevention is better than cure to me. If I own the bank where the loan will be issued from, I would truly hesitate to give an approval to an applicant that's into online gambling, especially when that applicant has some questionable behavior towards the activity.

[cassy]

This means for a reduction to those mortgages applicants whose main reason for applying is to engage the money in gambling. We all know that a good gambler knows his limit in playing, he should know when to quit. Although these case doesn't mean that they have the chance to go out to play and be addicted to gambling.

[grem]

It is probably a good thing they ask to stop people if they are really using any money on gambling