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Irish Gamblers Can’t Get Mortgages?

Irish gamblers who love to play the online slots may find themselves in trouble, should they choose to buy a home. With worldwide economic troubles greatly impacting the Irish real estate market, word is that lenders are looking “for any excuse” to reject mortgage applicants. The sub-prime mortgage meltdown in the United States has proven a valuable lesson for other nations, and it seems that Ireland is really taking that lesson to heart. A spokesperson for the Independent Mortgages Advisers Federation (IMAF), Michael Dowling, divulged to The Irish Times newspaper that banks are beginning to look “very negatively” on would-be homebuyers who enjoy online gambling, and consider this habit to be a substantial credit risk.

Dowling stated that banks are being very conservative and wary of taking any risks at all on potentially risky borrowers, although representatives from Irish banks refused to confirm that they took online slots or casino betting into account when reviewing applications. Mortgage applicants are, of course, required to submit all financial records. Dowling said that if banks see even thirty or forty Euros a week being transferred for online betting transactions, they start to look askance at the consumer. He said that an additional red flag was raised if there was any pattern or regularity to the betting.

If you are an Irish punter and have been looking to buy a home, you might just want to consider a reprieve from your favorite online slots and casino gaming diversions – at least, until your closing date!

Back to March 2009 Archive.