If you ever wanted proof that we are living in very much unprecedented times, one example has come from the UK mortgage industry. Having long been one of the primary financing groups within the UK, they have spent a huge amount of time looking into the best ways to help people out. Financially, their primary aim is to help people get a mortgage on a home. However, with the new ban on credit cards being used in the UK for online gambling, mortgage lenders are now expecting a new customer entirely – online casino gamers.
The industry has provide fair warning that they might see issues stemming from this. They have noticed that the suspension on the use of credit cards by the UK Gambling Commission is something that could have significant risks for the long-term future of many people. The ban, which came into force on the 14th April, could see mortgage lenders having to double-check applicants.
At the moment, it’s easy for a casino group to find out if someone they are providing funding to could have a gambling problem. However, this ban will mean it will be easier for British lenders who have gambling leanings to try and avoid telling mortgage companies about their addictive habits.
They even expect to see a spike in mortgaging as problem gamblers do all that they can tot try and get access to additional gambling funds. This could be yet another ticking timebomb in the UK financial sector.