How would excessive spending impact your ability to borrow money?
Summary
This episode examines how excessive spending on online raffles and gambling can negatively impact loan and mortgage applications. Guest Porik Hassan explains that lenders review six months of bank statements, including transfers to fintech apps like Revolut, to identify red flags for potential addiction. He advises listeners to audit their accounts for hidden recurring deductions from prize giveaways, noting that such spending reduces the maximum mortgage amount banks are willing to lend.
Topics discussed
Government of Ireland: Building Ireland recruitment ad
Introduction: Online raffles and loan applications
Impact of excessive spending on mortgage affordability
Gambling addiction and mobile phone accessibility
How banks track spending via bank statements and Revolut
Advice on identifying recurring raffle deductions
Banking sector red flags and gambling concerns
Show outro and repeat of Building Ireland ad
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