How to gamble online and get a mortgage approved

A

alwaysonit

Registered User
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Which of these will get me approved with bank A? I will begin with easiest/cheapest and work down

1. Open bank B just for gambling while keeping bank A in good shape

2. One year before application, close my account with bank B (or is 1 year to long/short a time?)

3. Use bank A to deposit to an e-wallet and gamble through this.

4. Use bank B to deposit through an e-wallet and gamble through this.

Note using an e-wallet becomes very expensive, so if option 1 or 2 are risk free they would be preferable.
 
Unsure if askaboutmoney posters would like to endorse gambling (or drinking, or ...), or indeed, how to effectively withhold information that your mortgage provider seeks (no matter the merits of it)
 
If you're betting with the companies who have shops you can deposit and withdraw money there...might be an idea
 
alwaysonit said:
Note using an e-wallet becomes very expensive, so if option 1 or 2 are risk free they would be preferable.
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How much does your gambling cost you annually. Can you not withdraw cash from your bank and deposit it directly into Paddy Power and then gamble from there without any bank transactions.
 
OP, I'm assuming you're not talking about the odd 20 quid here, but much higher value bets?
 
This is non disclosure of a material fact. The bank would have the right to rescind the bank loan on the back of you hiding your gambling from them.

A suggestion for you, stop gambling for the time required to get your mortgage. If you are unable to do so, there are then other issues you may need to address.
 
SBarrett said:
This is non disclosure of a material fact. The bank would have the right to rescind the bank loan on the back of you hiding your gambling from them.
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Interesting. How would this work in practice? The OP gets his mortgage and is paying on schedule and the bank then discovers he gambles and they will seek a possession order where there are no arrears ?

SBarrett said:
A suggestion for you, stop gambling for the time required to get your mortgage. If you are unable to do so, there are then other issues you may need to address.
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Is a €50 a week gambling habit frowned amount by underwriters? How about a 20 a day smoking habit and a once a week bender in the pub costing about €130 per week? Genuinely curious!
 
demoivre said:
Is a €50 a week gambling habit frowned amount by underwriters?
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Yes. The frequency would be a red flag that would be looked into. They'd be looking out more for large bets, especially if they're funded by credit card debt.
The odd tenner though wouldn't be a problem.

The other things, if you can afford, are acceptable. As is buying fancy cars, etc.
 
RedOnion said:
Yes. The frequency would be a red flag that would be looked into. They'd be looking out more for large bets, especially if they're funded by credit card debt.
The odd tenner though wouldn't be a problem.

The other things, if you can afford, are acceptable. As is buying fancy cars, etc.
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Thanks and as I thought. Underwriting is still as hilarious as it was in the mad days but the box tickers don't have the foresight to see to the end of their noses. Has Pat Neary by any chance written a best selling guide to getting mortgage approval?
 
@demoivre
Gambling can be an addiction, and lead to serious financial problems for some people. In your scenario you're talking about a 2,500 loss per annum (or that's how I've read it). There is evidence that someone with this level of gambling is more likely (note I said 'more') to take additional risks with their finances.
 
alwaysonit said:
Which of these will get me approved with bank A?
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Of the options listed then 2 should work. Better options in order are . .
1. Give up gambling (very few turn a profit and anyone that doesn't meticulously track all bets is fooling themselves)
2. Give up on-line gambling and only bet in shops in cash
3. Only deposit money in to online account over the counter in a shop (I think various bookies do this)

If it were me I would forget gambling and manicure my finances over a 6 - 12 month period in order to secure whatever mortgage I needed.

SBarrett said:
This is non disclosure of a material fact.
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I wouldn't volunteer any information that might trip me up unless I was directly asked on an application form . . whether that's to do with gambling, pregnancy, job security or whatever.

Askaboutmoney.com - the consumer forum - Error
Content contains banned words: 0nline gambling

Really?? Mad Ted!
 
Amounts turned over would probably go into 5 figures, and it is profitable for me.
A mortgage will not be needed for years to come, and a period no longer than 12 months has been mooted on this topic.

If I went with option 2 now (opened with bank B) and closed the account and stopped gambling a minimum of one year before applying for a mortgage - would it affect my chances of getting approved with bank A?
 
Most banks look for 6 months statements. I think UB only look for 3 months. If you seek a mortgage from a different bank to the one with your gambling feeder account then then the bank you're applying to shouldn't have any idea about it. If you actually turn a profit then just keep a healthy balance in your betting account and you won't need to move money in or out of bank accounts. Of course if you actually win over time the bookie will probably restrict and then close your online account.
 
Last edited:
Option 1 is the way to go

One bank cannot see what accounts you hold with another bank.
 
For those suggesting giving up online betting and only betting in cash in shops clearly don't appreciate or understand the benefits of gambling online, especially for punters with some semblance of discipline and methodology to their betting

There are countless examples on a daily basis where holding multiple online accounts will result in you being able to obtain a better price on your bet then the odds offered online, especially in Ireland where we have a very small number of book-maker chains on the high street

In some circumstances you can get up to double the odds or more in an online bookmakers, especially at the higher prices

It is the punter who bets in shops only is the mug, not the guy with 20 online accounts and who takes the higest price.
 
DB74 said:
It is the punter who bets in shops only is the mug, not the guy with 20 online accounts and who takes the higest price.
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The bookies love the online accounts too, as michaelm says above, if you're turning a profit, it's only a matter of time before you're blocked.

Anyway, focus of this thread is how to avoid evidence of gambling online resulting in mortgage refusal, so a short term switch to in-shop/cash betting may well be prudent.
 
alwaysonit said:
Amounts turned over would probably go into 5 figures, and it is profitable for me.
A mortgage will not be needed for years to come, and a period no longer than 12 months has been mooted on this topic.

If I went with option 2 now (opened with bank B) and closed the account and stopped gambling a minimum of one year before applying for a mortgage - would it affect my chances of getting approved with bank A?
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Your mileage may vary but in my case I had six figures through my AIB accounts to every gambling site under the sun and literally wasn't even asked by AIB about it. Got the mortgage and bought the house earlier this year.

Most of the action would have been from more than six months beforehand - as in the majority was probably 6-18 months previously, but there were several thousand worth of transactions in and out in the six months still.

I submitted my accounts to KBC and BOI as well and got AIP without being asked about it, didn't proceed any farther with either though.
 
For sure better prices can generally be had online . . but it's too easy to bet online chasing your money and a dopamine hit. In any event if he goes with option 1 he will have to omit account B if asked about other accounts on the application whereas option 2 does not require any such omission. In a former life I was a betting shop manager and I never met anyone who made money over time. If he can reliably turn a profit then he can ramp up his stake and win the price of a house negating the need for a mortgage (not recommending this :)).
 
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