• Does Gambling Affect Mortgage Ukraine
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• Does Gambling Affect Mortgage Application Uk

It does however provide some insight into what lenders calculate affordability against and hopefully will aid you in determining what to look for when searching for a mortgage provider. It is advisable to get professional advice and support when looking for a mortgage to ensure you have access to the whole mortgage market and obtain the most. I wondered if matched betting would affect our mortgage application, especially because we were enquiring with a different lender. While they know it sounds appealing, I’ve had some readers say that they would prefer to stay away from matched betting if they are planning a mortgage application in the short-term as they are unsure of the. Gambling is an issue only if it’s frequent, if you place bets you can’t afford, or if your mortgage advisor thinks it might impact your mortgage repayments. The same goes for spending money on ‘silly’ things. We all do it, so go out and have a good time! Just make sure to follow your budget and to do it all in moderation. 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. Gambling can affect anyone and can quickly become out of control. If you have any concerns that gambling is affecting your finances, or that of a family member or friend, we can help with our range of tools and tips.

Despite what you may have heard, mortgage advisors don’t spend their spare time sitting in a lair somewhere, stroking their beard while devising reasons why you can’t have a mortgage.

In fact there’s a lot of myths out there about what lenders are looking for. Here’s five things that won’t actually ruin your mortgage application.

1. Occasionally gambling or spending your money on stuff you don’t need

There’s a lot of information out there that suggests that any gambling is an absolute no-go, but spending the odd tenner on the races or on what will happen in the Christmas episode of Eastenders isn’t a big deal.

Gambling is an issue only if it’s frequent, if you place bets you can’t afford, or if your mortgage advisor thinks it might impact your mortgage repayments.

The same goes for spending money on ‘silly’ things. We all do it, so go out and have a good time! Just make sure to follow your budget and to do it all in moderation.

2. Applying for a mortgage on your own

Let’s get it out of the way: yes, it is possible to get a mortgage on your todd. However, there are certain considerations, the big one being that your mortgage amount is relative to your income. If you’re in a partnership or are married and want a mortgage, your income is combined.

The deposit is also a lot easier to save up if you’ve got a lovely other half to help out. That said, your mortgage application won’t be rejected because you’re applying on your own.

3. You don’t know what your credit rating is

If you’re a fan of spending but you’re not too good at keeping track of your repayments (sure the money comes out of your account at the end of the month – no bother!), a bad credit rating can impact your application.

Hop over to the Irish Credit Bureau and you can apply for a credit report online for only €6. If your credit rating is on the negative side, make sure to tell your mortgage advisor as soon as possible so you’ll have no financial skeletons waiting to jump out of your closet.

While not knowing won’t cause issues, a bad credit rating will have to be taken into account – but we reckon that’s fair enough!

4. Having a messy paper trail

When you go into your mortgage meeting, the ideal scenario is that you’ll have your documents organised and in tip-top shape. You’ll be able to show your mortgage advisor how much you’ve saved each month, how you spend your money, and how good you’ll be at meeting your mortgage repayments.

While that certainly helps things along, a messy paper trail isn’t the end of the world. Incase your paperwork has disappeared to the same place as all your matching socks, these are the documents you’ll need to bring to your mortgage meeting:

PAYE employees
• Photo ID
• Proof of address
• P60 (or 3 months consecutive payslips)
• Certificate of income
• Bank statements for the last 6 months

Self-employed
• Photo ID
• Proof of address
• 3 years audited/trading accounts
• Confirmation of your tax position
• 3 years Revenue Notice of Assessment
• 6 months business current account statements

5. Being in negative equity

Negative equity happens when the value of your house is less than the amount you owe on your mortgage; if you sold your house, you wouldn’t be able to fully clear your mortgage.

A lot of Next Time Buyers think that being in negative equity means they won’t be able to get another mortgage, but that’s not true.

With Negative Equity Home Movers, you can transfer the outstanding balance to a new loan on your next house. As with most second houses, you can decide whether to trade up or down (finances pending).

Thinking of applying for a mortgage?

Whether you’re a first time or next time buyer, EBS has options to suit you. If you want to buy a house or you’re considering trading up or down, try our mortgage calculators or book a 30 minute mortgage meeting now!

EBS d.a.c. is regulated by the Central Bank of Ireland.

The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.

EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.

Applying for a mortgage can be a tricky process for anybody, no matter what their age or financial situation. There are multiple factors that can affect a mortgage application, some of which you may not have considered previously.

One of the first things a lender will look at is your credit score. Again, this can be affected by various circumstances, but you may not have considered that a leisurely gambling habit could have its own consequences.

The mortgage application process

When you first apply for a mortgage, your chosen lender will assess your household income including your basic salary plus any extra income such as freelancing or benefits.

During this process, the lender will ask for documentation of your bank accounts, including copies of your statements for the past three to six months. Here, they'll be able to see your regular transactions, so it’s wise to keep an eye on your deposits if you’re a regular player.

Will online banking deposits affect my application process?

There is no clear-cut answer for whether or not a mortgage lender will refuse to lend you money based upon your gambling deposits. However, if they can see regular payments into online gambling operator accounts, these may present a cause for concern.

Why lenders have to look into your spending habits

The mortgage lending process has not always been so strict, but as most of us will recall from the credit crunch of 2007, being lenient can have its setbacks.

In 2014 and later in 2017, regulations were introduced for lenders which meant that they had to assess the affordability of a loan in much more detail. This included the aforementioned review of transactions – regular online gambling payments have been known to make lenders think twice.

Why gambling may deter lenders

Mortgage lenders don't pass judgement on applicants – they merely need to assess the risk of lending out thousands of pounds at a time.

However, statistically speaking, “problem” gamblers have less chance of having a healthy savings account, which in turn will affect the amount to which they can put towards a deposit and ultimately influence the outcome of their application.

There is no need for doom and gloom, however, as the majority of gamblers are not problem gamblers and just like to indulge in an occasional fun habit. Keep an eye out for any of these signs if you’re thinking of applying for a mortgage any time soon:

• Spending less time with family and friends, and more time gambling

• Depositing more money than you can reasonably afford

• ‘Chasing’ bets to recover losses

• Losing enjoyment in gambling

To stay on the safe side when it comes to impressing mortgage lenders, there are a few pointers that you can bear in mind.

Improving your credit score

A credit score is a rating out of 1,000 (sometimes it can be out of 700) that determines your reliability as a person with credit. Personal wealth has no bearing on this. Instead, it is actually better to accumulate a small amount of debt, for example, a mobile phone bill, and continue paying this off in regular instalments to prove that you can maintain regular payments.

The beauty of a credit score is that it changes month by month – sometimes for better, sometimes for worse! You may find that “silly” things, such as small expenses like taking out a new mobile phone contract, affect your score by a few points.

However, your score can also increase over time. Sometimes this happens naturally as time wears on, for example, if you carry on paying off regular payments such as credit card bills.

You can also improve your credit score by paying off any old debts you might have. So, if you have an old store card that could do with knocking on the head, try taking a little out of your savings – your credit score will appreciate it.

Stop gambling

Does Gambling Affect Mortgage Ukraine

This is, of course, the last resort for those whose gambling deposits may look unfavourable on a mortgage application. However, as mentioned above, credit scores can improve over time, so if you need to tone down the gaming for a few months, it might be a worthwhile investment in the future.

If you’re not sure how to limit yourself when it comes to gambling, you can try out several different methods including a ‘time out’ or even self-exclusion, which can freeze your accounts for up to six months.

Does Gambling Affect Mortgage Uk Calculator

Set up a new bank account

If you’re not ready to stop gambling altogether, then your mortgage lender only needs to assess the accounts from which you make regular payments – for example, bills and taking wages. You're within your rights to set up a new bank account or to simply use an existing one which may be inactive.

Be careful, however – you need to monitor this bank account just as much as you would your main accounts. Transactions are still being made, so you should still keep a keen eye on your spending.

What not to do

Does Gambling Affect Mortgage Application Uk

Believe that winning at online gambling will satisfy a mortgage lender

Just because the money you’ve invested in gambling is going back into your account, does not mean that mortgage lenders will class this as a reliable source of income!

Take out a loan to pay off gambling debts

If your habits have got to the point that they need a loan to pay them off, a mortgage lender will smell this a mile off.

Keep on gambling if you have a problem

Sometimes, it might take others to convince you that a once leisurely pursuit is now too much time spent gambling. Consider a limit on your account if you identify with any of the statements listed above.

A mortgage lender is far more likely to judge your credit score than a few harmless bets. Pay your debts and be transparent with your spending, and the rest should be easy!