Mortgage refusal due to online betting

martin101

Need a little advice on this. Went for mortgage approval and was denied today the only reason being my betting online. I'm totally gutted. I don't drink, smoke and it's what I spend my extra cash on. I have never missed mortgage payment on my current property and I have it up for sale now. I was told I should also make a profit on it and I also have €10k in savings but still got refused cause of it. The other half is raging at me now but I didn't honestly think this would go against me. Any advice on what I should do now? I'm thinking of just selling up and renting for a few months and staying off the betting online.

sidcon

martin101 wrote: »

Need a little advice on this. Went for mortgage approval and was denied today the only reason being my betting online. I'm totally gutted. I don't drink, smoke and it's what I spend my extra cash on. I have never missed mortgage payment on my current property and I have it up for sale now. I was told I should also make a profit on it and I also have €10k in savings but still got refused cause of it. The other half is raging at me now but I didn't honestly think this would go against me. Any advice on what I should do now? I'm thinking of just selling up and renting for a few months and staying off the betting online.

It's been well known for ages now that they are watching everything especially silly money being spent on gambling. Close your online account or only top up via a shop for the likes of paddy power /Ladbrokes / boyles and when you have a clear account with no betting for 6 months you should be approved.
It's how I done it and now have a house to call my home.

Toots

How often are you doing online betting? Is it regularly or only every so often?

Trish56

Close your online betting account and wait for 6 months to reapply. Lenders look very negatively on gambling as if it got out of hand it may cause problems in the future.

physioman

Trish56 wrote: »

Close your online betting account and wait for 6 months to reapply. Lenders look very negatively on gambling as if it got out of hand it may cause problems in the future.

I always wondered about this. How far back to they look? say you had an account with ub and it had lots of gambling refs on it and it is now closed, if applying for a mortgage through ulster bank would they be able to look back over your whole history and refuse you on old activity?Or would they just look at your recent 6 month history with your current bank e.g aib?

JIdontknow

Top up your account in shop or using the cash card ladbrokes or paddypower have ( I just top up in shop, not that I'm a big gambler just a few euro on golf and football- do the same and you can then tell the op your betting account isn't linked to bank account as it won't show up in bank account anymore..) but avoid any betting transactions through your bank account for a few months and try again.

To be fair to PP they actually told me about it in shop months ago, saying banks are really cutting down on loans and mortgages and decline if they see betting history. Do you bet much per week? Hope it works out for you, best of luck.

hfallada

Anything more than €40 a month on online betting is seen as unacceptable by the bank. And this has been known for years.

If you only need to submit 6 months current account statements for your mortgage. Just dont online bet for 6 months