Ireland: Online gamblers being rejected for mortgages

DUBLIN, Ireland -- As reported by The Irish Times: "Online gamblers who apply for mortgages may have more at stake than their occasional flutters – banks are now using their hobby to reject loan applications.

"Michael Dowling, spokesman for the Independent Mortgages Advisers Federation (IMAF), told The Irish Times that banks now regarded online betting very negatively.

"He said that while any such activity appearing on a current account submitted to a bank as part of a mortgage application would not automatically disqualify someone from being granted a loan, it was one of the criteria being applied 'in a market where they are looking for any excuses' to reject applications.

"'The banks will never admit it," said Mr Dowling, but 'it is...being discussed...I don't think online gambling is to be encouraged if people are making a mortgage application, in particular if there are regular amounts going out.'

"People betting as little as €30 or €40 a week might be putting their mortgage applications at risk. 'Banks are paying a lot more attention to bank statements now...and if they see even €150 going into an online gambling account each month they frown on it,' Mr Dowling said..."