Second “secret” bank account when applying for a mortgage

zig

Hi,

I’m considering talking to banks in the next 6 months/year about a mortgage. Honestly maybe even longer after that.

I have been saving in the credit union for years and have a decent healthy looking bank account (healthy in the sense that there are no loans, over drafts and normal spending habits).

However, I also earn a very modest side income doing sports investing and betting. I don’t call it gambling because what I’m doing specifically is pretty banal , a lot of effort and not a very high return.

Up until now I’ve been using PayPal and Moneybookers to manage all that. However lots of opportunities have passed me by because I have been afraid to set up bookmaker accounts where a visa debit/credit cards are required from real banks (as oppose to virtual or prepaid cards). Because I really don’t want to blacken my account with a bunch of deposits to different bookies.

I was considering finding a bank of whom I have no intention of ever getting a loan off and doing everything with them.

I’ve 3 questions.

1. Can banks find out somehow if I have a bank account somewhere else? Let’s assume there would be zero interaction between my existing bank and this new bank. Not even via the credit union. Let’s also assume I have a good credit rating and no issues with loans etc.

2. Even if they can’t find out, is there any law or anything like that that obliges me to declare it when getting a mortgage?

3. Possibly a silly question, are there any banks that DONT give mortgages ? Or even don’t give ones to first time buyers? That way I know I wouldn’t be sh1tting where I might want to eat so to speak

Thanks

Henry Ford III

Lenders run a mile when they read about online gambling on a mortgage application.

zig

Hence my question!

KrakityJones

Hi

What about using a pre-paid credit card like Revolut? The only transactions which will show from your bank is a transfer over to Revolut, not what it gets spent on ultimately. Bank could I suppose in theory ask for your revoult statements but I can't imagine they would.

Gavin "shels"

zig wrote: »

Hi,
Up until now I’ve been using PayPal and Moneybookers to manage all that. However lots of opportunities have passed me by because I have been afraid to set up bookmaker accounts where a visa debit/credit cards are required from real banks (as oppose to virtual or prepaid cards).

What bookmaker accounts don't take eWallets? Only one I know of is SkyBet these days. I'd stick to PayPal & Moneybookers to be honest.

If it's between 6-12 months don't be using your bank for it. Simple as that.

zig

Cheers for the idea of Revolut, I just ordered a card, Im not going to get my hopes though because sometimes those prepaid cards get rejected.

Gavin shels wrote: »

What bookmaker accounts don't take eWallets? Only one I know of is SkyBet these days. I'd stick to PayPal & Moneybookers to be honest.

If it's between 6-12 months don't be using your bank for it. Simple as that.

Funny you mention Skybet because thats the one that is really triggering this for me. Assuming you know a little about betting (seeing as you knew that). Im actually doing matched betting and laying off high odds offers etc with exchanges ti make a small profit (hence the banal not very profitable bit I mentioned ). Skybet is one of the best for these opportunites, but there are a few others too, lesser known ones that either dont take skrill/moneybookers or seem to reject prepaid cards. So the nature of what Im doing means I need to have the freedom to set up with lots of bookies, hassle free.

Ironically even though having loads of bookie accounts and constantly depositing and withdrawing from them would look terrible with a bank , its almost the opposite of gambling because its risk free and boring.

But I wouldnt be so naive to think that a bank would understand that.

GhostyMcGhost

zig wrote: »

Cheers for the idea of Revolut, I just ordered a card, Im not going to get my hopes though because sometimes those prepaid cards get rejected.



Funny you mention Skybet because thats the one that is really triggering this for me. Assuming you know a little about betting (seeing as you knew that). Im actually doing matched betting and laying off high odds offers etc with exchanges ti make a small profit (hence the banal not very profitable bit I mentioned ). Skybet is one of the best for these opportunites, but there are a few others too, lesser known ones that either dont take skrill/moneybookers or seem to reject prepaid cards. So the nature of what Im doing means I need to have the freedom to set up with lots of bookies, hassle free.

Ironically even though having loads of bookie accounts and constantly depositing and withdrawing from them would look terrible with a bank , its almost the opposite of gambling because its risk free and boring.

But I wouldnt be so naive to think that a bank would understand that.

Revolut dont support gambling sites period. I couldn't even buy a lotto ticket online with it once

zig

GhostyMcGhost wrote: »

Revolut dont support gambling sites period. I couldn't even buy a lotto ticket online with it once

Thats crazy considering they seem to encourage crypto buying which is 100 times more risky. Damn, I have €25 held up in that card I ordered. I can use it for something else I guess.

zig

Appreciate the help so far, but would still love to know answers to my questions, even just as a matter of interest

1. Can banks find out somehow if I have a bank account somewhere else? Let’s assume there would be zero interaction between my existing bank and this new bank. Not even via the credit union. Let’s also assume I have a good credit rating and no issues with loans etc.

2. Even if they can’t find out, is there any law or anything like that that obliges me to declare it when getting a mortgage?

3. Possibly a silly question, are there any banks that DONT give mortgages ? Or even don’t give ones to first time buyers? That way I know I wouldn’t be sh1tting where I might want to eat so to speak

dudara

If you have a credit facility with a bank, it will appear on your ICB, which the banks will check. I do t know what other means of checking they have

Fanny Wank

Open a current account with another bank. Ensure that no statement you give the mortgage bank has cash in/out from it.

I've an Ulster Bank current account for punting - it's my betting bank separate from all other finances. Got a mortgage in 2016 and I didn't disclose, they didn't ask

zig

Fanny **** wrote: »

Open a current account with another bank. Ensure that no statement you give the mortgage bank has cash in/out from it.

I've an Ulster Bank current account for punting - it's my betting bank separate from all other finances. Got a mortgage in 2016 and I didn't disclose, they didn't ask

Cheers,

Just wondering were you not concerned that you wouldnt be able to shop around or go to Ulster Bank to talk to them about a mortgage, supposing they had a better offer or something.

LirW

If you have your bank account details and add Paypal details on certain sides, there is a money laundering policy in place. That means you have to send money to both of the accounts from time to time to prove you aren't laundering.

Fanny Wank

zig wrote: »

Cheers,

Just wondering were you not concerned that you wouldnt be able to shop around or go to Ulster Bank to talk to them about a mortgage, supposing they had a better offer or something.

Fair point, you probably can't get the mortgage from the bank you have your secret account with

Henry Ford III

It's unlikely (although possible) that there's never been a transfer either from or into this "secret" account from your ordinary account. If there hasn't been you might get away with it.

If it's discovered and a potential lender turns you down because of it I think the knock on effects could be nasty.

So check every entry in your working account for whatever period is relevant to the mortgage underwriters.

zig

Cheers, but honestly I havent set up anything at all yet. And still debating whether to or not.

I would be absolutely certain not to transfer anything into it from my main bank account beacuse Im aware that would defeat the purpose of it entirely.

For instance I do transfer regularly into my credit union, so I would expect them to ask to look at that too which Id have no problem doing.

Jim2007

zig wrote: »

2. Even if they can’t find out, is there any law or anything like that that obliges me to declare it when getting a mortgage?

No it is not an insurance contract, so no obligations to make a self declaration. However if you are specifically asked the question or there is something in the contractual forms that require it, that is a different matter.

maxsmum

We used Revolut for the consultant/hospital and then later on for creche. And also for Lotto!

368100

KrakityJones wrote: »

Hi

What about using a pre-paid credit card like Revolut? The only transactions which will show from your bank is a transfer over to Revolut, not what it gets spent on ultimately. Bank could I suppose in theory ask for your revoult statements but I can't imagine they would.

They absolutely would ask for statements to make sure the applicant is managing their money properly and ensure they have no undeclared loan repayments

17togo

GhostyMcGhost wrote:

Revolut dont support gambling sites period. I couldn't even buy a lotto ticket online with it once

I have a PP account using my revolut card! Only opened it a couple of weeks ago.