What is considered "Gambling" in a mortgage application

plys

We have savings in a credit union. As CU members, we have signed up for an Monthly draw. Cost is 52euro per year and is deducted from account.

Is this considered to be gambling by mortgage underwriters? ie could it adversely impact our application?

purplecow1977

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OP, good point. It's not something I've thought of before. I too am signed up to a monthly CU draw and had never considered it might impact on a mortgage application! I know betting shops and lottery (online forms!) were discouraged anyway. I'd imagine that €52 over the course of a year isn't something they'd worry about if all other finances are 'clean'!

ionapaul

As far as I know it is the appearance of known bookmakers, gaming brands in your statements - like €100 to 'PPower.com' or whatever, five times a year. Seriously doubt that monthly draw is going to make any impact at all!

REFLINE1

purplecow1977 wrote: »

OP, good point. It's not something I've thought of before. I too am signed up to a monthly CU draw and had never considered it might impact on a mortgage application! I know betting shops and lottery (online forms!) were discouraged anyway. I'd imagine that €52 over the course of a year isn't something they'd worry about if all other finances are 'clean'!

i was joking ffs i would have thought that was pretty obvious. Of course that wouldn't be considered gambling, thats ridiculous. I'm sure 90% of the CU members in the country are in the draw. OP i wouldnt let it worry you.

Michael D Not Higgins

REFLINE1 wrote: »

Yes. unfortunately you will never get a mortgage you absolute degenerate.

I know this is tongue in cheek, but helpful comments please.

Copper_pipe

Make sure the statement doesn't look like a Bookies telephone book.

PM me and I can explain ways to keep it off statements

listermint

A mortgage broker is looking where people spend their disposable money to see if there will be enough for them to just 'live' they are concerned about areas that could become problematic due to the nature of it (addictive) Online Gambling, gambling in stores even online lotto.

A fixed yearly lotto with your credit union wouldnt come under this guise i would not worry about it as it doesnt match the criteria of problematic spending.

Copper_pipe

Copper_pipe wrote: »

Make sure the statement doesn't look like a Bookies telephone book.

PM me and I can explain ways to keep it off statements

It's very simple, when I wanted to keep my account "clean" for mortgage application purposes I got a paddy power cash card so I can lodge or withdraw from my account in the shops. Otherwise I just bet in the shops with cash but no bank transfers.

That being said I know some people who got mortgages and the odd transfer to PP in their statements was not even mentioned during the process.

pwurple

Lotto does come under gambling by the way.

I used to be the person who took the money and did the lotto syndicate at work... topped up the syndicate online lotto fund by bank transfer once a month. It came up in a credit report as a gambling habit.

Glen_Quagmire

Would doing 5 euro per week on the lotto online be damaging to a mortgage application?

jimmycrackcorm

Glen_Quagmire wrote:

Would doing 5 euro per week on the lotto online be damaging to a mortgage application?

To get around this you could use a credit card to do the top ups but then clear and close it before you make your application.

johnnyskeleton

pwurple wrote: »

Lotto does come under gambling by the way.

I used to be the person who took the money and did the lotto syndicate at work... topped up the syndicate online lotto fund by bank transfer once a month. It came up in a credit report as a gambling habit.

What kind of credit report is this? I ask because I paid the fiver to get my icb rating and it was a single page that showed loans paid off a few years ago and nothing else. No credit card referred to, nevermind how i spend my money etc.

Beanybabog

We had lots of small gambling on our account and it was never mentioned. It was obvious as well- the names of well know bookies. The OH works for one of them so maybe they looked at it as as business research!

The worst thing we ever did was transfer money out of our savings to pay for a large one off and unforeseen expense- they view that as you being unable save X amount a month and penalise you. That said, when they asked us to save for a few more months we told them not to bother, we'd go with the bank we were already approved from and the underwriters magically changed their minds and approved us the next day

Smoked Tuna

Glen_Quagmire wrote: »

Would doing 5 euro per week on the lotto online be damaging to a mortgage application?

jimmycrackcorm wrote: »

To get around this you could use a credit card to do the top ups but then clear and close it before you make your application.

Doesn't seem logical that this is seen as an issue, you could be spending ten times that in cash and they wouldn't pick up on it.

ct5amr2ig1nfhp

This! We did the same in a similar situation. It was becoming such a hassle for a small mortgage, so we just asked for all our documentation back. Magically the underwriters approved us that day. Such BS.

Beanybabog wrote: »

We had lots of small gambling on our account and it was never mentioned. It was obvious as well- the names of well know bookies. The OH works for one of them so maybe they looked at it as as business research!

The worst thing we ever did was transfer money out of our savings to pay for a large one off and unforeseen expense- they view that as you being unable save X amount a month and penalise you. That said, when they asked us to save for a few more months we told them not to bother, we'd go with the bank we were already approved from and the underwriters magically changed their minds and approved us the next day

FirefighterT7

How long would a persons statement want to be clear of transfer for online betting before applying for a mortgage?

CramCycle

pwurple wrote: »

Lotto does come under gambling by the way.

I used to be the person who took the money and did the lotto syndicate at work... topped up the syndicate online lotto fund by bank transfer once a month. It came up in a credit report as a gambling habit.

Smoked Tuna wrote: »

Doesn't seem logical that this is seen as an issue, you could be spending ten times that in cash and they wouldn't pick up on it.

A friend of mine with a far bigger pay packet, far bigger deposit etc. got flagged for doing the National lotto online. They were told they would have to stop, and then go another 6 months. A far safer bet than me but they were refused, anyway they got sorted after protracted mumblings from the bank but FFS, they could have just taken out a tenner every week and the bank would not have know.

I really think they just do it for ****s and giggles sometimes,as we all know, there is no consistency.

SB_Part2

Also, not gambling but ATM withdrawals and bank card usage after 12pm at night are looked into. My OH works shift work and would regularly take money out late at night and this was flagged.