Online Gambling and Mortgage Application
In Ireland a recent report of the Independent Mortgage Advisers Federation (IMAF) indicated that online gambling could negatively impact the odds of a customer qualifying for a mortgage loan.
Online Gambling Expenditures
This issue was brought to light through The Irish Times newspaper and a BBC documentary. Michael Dowling, a representative of the IMAF, stated that an activity as online gambling appearing on one´s bank account does not automatically disqualify anybody for a mortgage, but that it certainly is taken into consideration.
Michael added that the banks would of course never admit to applying such a policy, but that given the current shortage of liquidity banks are doing anything to avoid taking on risk. If a bank sees that a customer spends a certain amount of money on online gambling each month, it might choose to take this amount into consideration when doing the mortgage math.
Ronan Sheridan from the Allied Irish Bank replied to this by stating that there is currently no explicit policy of denying online gambler a mortgage, but that they analyze every aspect that could impact a lender´s ability to repay.
No Need to Worry
It´s a rather strange development to see that especially this activity is picked out in the entire procedure, as other expenses could equally well influence a clients ability to repay. What if you once in a while go out for an extravagant shopping spree or have an exotic vacation, does the bank clerk check this too?
However, ultimately there is no need to worry. It´s always possible to deposit cash through any other of the myriad of payment options outside the reach of your local bank. And if you apply for a mortgage at another bank, that particular bank won't have access to your current bank account.