Anyone with gambling transactions on bank statement issued mortgage warning
Monday, October 21, 2024 2:41 PM
Anyone with gambling transactions on their bank statement have been issued a mortgage warning. Lenders have always been cautious when it comes to approving mortgages, but some brokers have noticed that even the odd gambling transaction is now viewed as a red flag.
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Joe Childes, mortgage adviser at Right Choice Mortgages, has told Sky he recently saw banks turning down applications based on gambling transactions on clients’ bank statements, even if just the odd flutter.
He said: “We have seen cases declined where clients have separate accounts for placing bets, but even just those who bet on the football at the weekend.” Mr Childes added gambling transactions can be questioned by an underwriter or lead to straight declines made with no grounds for appeal in some cases.
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