Disputable reasons for rejection reported from Ireland
A rather controversial report arrived this week that Irish banks are using online gambling as a reason to reject mortgage applications and restructuring house loans.
This was confirmed by Trevor Grant, the chief executive of mortgage debt advisory firm Negotiate, who said that "When a lender assesses an application for reduced mortgage repayments due to financial difficulty, the customer is required to submit a detailed application, often including current account and credit-card statements."
"Lenders will form a view that if the customer is struggling to pay their mortgage they should be tightening their belts, and they consider gambling, for example, as a non-essential activity and therefore should be one of the first social indulgences to be cut," he added.
Some other, perhaps seemingly banal items that are being scrutinized by banks include tuition fees, digital television subscriptions and mobile-phone bills, specified Frank Conway, the director of the Irish Mortgage Corporation.
Finally, according to a spokesman from the Irish Banking Federation, it is important that those who want to restructure their mortgage repayments review with care all of their income and expenditure as part of discussions with their lenders.