Gambling is the latest target of banks in the new world of mortgage lending, with many lenders now questioning betting habits great and small. Gambling negatively affects a borrowers character. Hate to be the bearer of bad news but more than likely they will decline your mortgage. Most if not all will decline with even a sniff of gambling on statements unfortunately. I had to use the Halifax as they at they dont ask for bank statements. Could be an idea for you unless their policies have changed.
Banks often require 3 to 6 months worth of bank statements to assess what mortgage they will offer you. In nz does online gambling transactions that appear on the statement have any affect on a mortgage application. I'm talking say 20$ to bet365 every couple of weeks. Rachel Lummis from Xpress mortgages agreed gambling transactions cause problems. She said: “Many of us like a flutter on the grand national – that won’t affect you – but if you have daily amounts going out to companies, such as Bet Fair or Ladbrokes then that can cause an issue.” Being overdrawn.
Here’s a new one from the wonderful world of mortgage underwriting.
Over in Ireland, some mortgage applicants are reportedly being denied mortgages because they have online betting accounts, according to the The Herald.
Apparently, the presence of a betting account is being used as criteria to approve or decline a home loan application, despite the fact that it’s perfectly legal to gamble over there.
Online Gambling Affect Mortgage Loans
When prospective borrowers submit their loan applications, mortgage underwriters are taking an extra hard look at bank statements to see if deposits to online gaming companies show up.
If they do appear, it can be grounds for denial, especially for those looking to execute a loan modification.
The general thinking is if you’ve got money on hand to gamble, you really aren’t struggling as much as you say you are, and thus don’t deserve to have your mortgage payment negotiated lower.
What Does Distressed Homeowner Actually Mean?
It makes perfect sense, and calls into question what exactly “distressed homeowner” really means these days.
Is it a homeowner who lost their job and can’t keep up with mortgage payments because they’re stretched too thin, or is it a homeowner who was used to the “good old days,” who isn’t willing to give up his or her spending habits in light of the new reality?
While gambling is a glaring problem, mortgage lenders are also reportedly looking at mobile phone and cable TV bills when evaluating a borrower’s level of distress.
I guess you may need to give up both HBO and your iPhone if you want to get help from your mortgage lender or the government.
I’m not sure if they scrutinize those things stateside, but it’s hard to argue against it. A roof over your head is more important than what’s on the TV inside that home, right?
The takeaway here is that banks and lenders are getting more and more selective in handing out home loans.
So now more than ever it’s hugely important to do your homework, cross your T’s, and dot your I’s before applying for that mortgage. Rendezvous casino brighton new years eve lindley.
[What credit score do I need to get a mortgage?]
Any mistakes or missteps could shut you out of the market, at a time when a super low mortgage rate could be the difference between staying in your home and renting.
In other words, be sure to take your time when applying for a mortgage. Don’t rush it, or you might be very sorry.
Read more:How to get the best mortgage rate.
Last updated: 03/29/2019 Author: Addictions.com Medical Review
Reading Time: 3minutes
Gambling addiction is officially a compulsive or behavioral addiction. Gambling is when someone bets something, usually money, in order to have a chance at winning more money. People bet on a lot of things including cards, horse racing, sports, and dog races. Although the main focus on gambling addiction is the financial ruin, gambling addiction often has severe negative consequences to the families of the addict as well.
FinanciaforRuin in Families
Financial problems due to gambling can lead to the breakdown of families.
The significant other and the children of a gambling addict suffer the negative consequences of the gamblers actions. Pearl river resort poker tournament 2018. They wind up in debt, unable to pay bills, and very often homeless because of the gamblers addiction. Many families break up over debts, bills, and fight over money. Gambling addiction just makes this worse. In the case of gambling addiction, the gambler will bet money that the family does not have to spend such as the money for rent, mortgage, or other bills.
Loss of Trust within Families
Gamblers will often lie about their gambling habits. It is only a matter of time before the family finds out where all of the money is going and recognizes the lies for what they are. These lies destroy the families trust in the gambler.
People with a gambling addiction may also get bad enough to steal from family and friends. Theft is one of the worst things that people can do to each other. It includes a complete loss of trust because of the deception and the actual theft.
Gambling Addiction Coincides with Other Addictions
People who have a gambling addiction often have other addictions as well. Alcohol addiction and gambling go hand in hand. Just as drinking establishments and gambling establishments go together gambling addiction and alcohol addiction do as well.
Abuse and Neglect
As tensions about money mount, someone with a gambling addiction has the possibility of becoming abusive. The anger that can be associated with financial loss and instability can turn to violence very quickly.
Online Gambling Affect Mortgage Payment
People who gamble excessively also often neglect their family, especially their children. This neglect is often to stay at gambling establishments or to find money to gamble more. The more time a parent spends away from their children to gamble the more neglectful they become. There is also the possibility of financial neglect.
Online Gambling Affect Mortgage Companies
People with a gambling addiction often neglect their parental responsibilities. They do not pay bills or purchase food in favor of spending their money gambling. When all of the money goes to pay back bets there is no money left for the necessities.
Online Gambling Affect Mortgage Interest
Gambling addiction is a treatable addiction. With time, counseling, and treatment, it is possible to overcome a gambling addiction and get your life and more importantly your family back. Most counseling for gambling addiction also includes family counseling to help repair the damage done.