If your gambling habit is costing you $200 a week, you’ll see your borrowing capacity reduce even further by $127,000 – if you can even get the loan. Some lenders “won’t touch” prospective borrowers if they see gambling habits, said Ryan. “They’re worried you can’t pay your loan because you’re a gambler.”. Changing loan programs – This could be an array of different things, but it may mean going from a Conventional mortgage to a FHA mortgage for example. Investigating more – You might need to put more money down to purchase a home than you otherwise thought. You would do this if your income is lower than what your purchase price expectations are. 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. The rules mean your mortgage application could take longer to complete and may be more complicated. Getting your mortgage approved could also become more difficult. According to Gary Festa, executive director at wealth management firm HFM Columbus, getting a mortgage approved now comes down to the contents of your bank statements. As there is the effects on mortgage application through the online gambling transaction so the wager has to be careful related to this. As the different bank have different types of policy so the wager should know how to deals with that bank related to his money.

1. Online Gambling Affect Mortgage Application
2. Will Online Gambling Affect Mortgage Application Approval
3. Will Online Gambling Affect Mortgage Applications

Credit reports are linked to individuals rather than to addresses.

However, what counts in the eyes of banks and potential lenders is whether couples who have parted ways continue to be financially linked.

Being financially linked

A shared bank account, credit card, mortgage or other financial product links two individuals in the eyes of credit reference agencies.

Where this is the case some lenders will search both the file of the applicant and that of the person they are linked to.

This could potentially pose a problem when the linked individual has bad debts or other past problems recorded by the reference agency (missed payments, for example).

Joint current accounts count

People often think that current accounts don't make a difference to credit reports but this isn't true: lenders increasingly take them into account.

Most current accounts in the market can be used as joint accounts and how a shared current account was used may have an affect on credit worthiness. For example, many reference agencies record whether the account was often overdrawn.

Banks also share details of current accounts' overdraft balances, overdraft limits and the status of the account.

According to May 2010 research carried out by Tesco, the majority of couples (56%) still prefer to maintain a degree of financial independence by not pooling all of their resources.

According to the same research, 47% share a savings account with their partner but just 34% are willing to share credit cards and only 30% are willing to share a life insurance policy.

However, as we've noted above, sharing any one of these products can lead to a couple becoming financially linked.

Improving credit worthiness

Luckily, being financially linked is an issue which can be resolved fairly easily: closing joint accounts means that potential lenders will only search the file of the individual applying for credit.

Those keen to make an application could check their credit file before going ahead and inform them if the information is still unchanged.

Notices of correction and dissociation

In some cases, however, it won't be possible to remove the financial link with a former partner. For example, when:

• Closed accounts are still listed on a credit file.
• The parties have a joint mortgage but don't live together and don't have any other financial associations.
• Both parties still live at the same address and the joint account isn't closed.

In the first two cases, it is possible to ask the credit reference agencies to unlink (or disassociate) the two people that are financially linked or, in the case of a mortgage, to post a Notice of Dissociation on the credit file.

A Notice of Dissociation or Notice of Correction lets potential lenders know about that the two parties are no longer together.

To apply for such a notice, the person has to prove that they have no active financial connection with the other person.

Application forms for notices from the three big reference agencies can be found as follows:

Note, however, that a correction is unlikely to be suitable for the third example above, unless there are extenuating circumstances.

General creditworthiness

As our longer guide makes clear, many aspects of creditworthiness relate to stability.

Signing up to the electoral roll, being employed by the same company, living at the same address and being with the same bank for a long time are all helpful.

The flip side of that is that moving out of a property can make applicants for credit a less attractive proposition.

Lenders use the electoral roll to check the names and addresses of people applying for credit so calling to confirm that an ex partner no longer lives at the address will help to prevent them from applying for credit using the old address.

Many people find that obtaining a copy of their credit report helps to ensure that they're getting a full picture of their finances. Mistakes are sometimes made by the credit reference agencies that are easily rectified.

There are three credit agencies to check scores with. Check our guide to accessing credit reports for more on how to do it.

As a rule of thumb, it's worth checking every year and a half or before any major credit application.

Liability for a partner's debt

Finally, it's worth noting that unless a credit agreement was jointly entered into, those in or out of a relationship should not be liable for their current or former partner's debts.

However, this is not the case where both halves of a couple entered into a contract.

For example, if a mortgage is in two names and one party cannot or refuses to pay, action will be taken against both parties.

Note that there's also liability if a partner is or was an additional credit cardholder: in this case the primary cardholder is liable for the whole debt, even if it was run up solely by the additional cardholder.

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).

Online Gambling Affect Mortgage Application

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Will Online Gambling Affect Mortgage Application Approval

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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.

Will Online Gambling Affect Mortgage Applications

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