Bank Requesting Revolut Statement for Mortgage App?

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Has anyone else seen this also?

Qrt

Pheonix10 wrote: »

Has anyone else seen this also?

I haven’t heard of it but I can understand their reasoning. I’m guessing your bank statement is full of revolut top-ups? They’re going to want to see where that money is going.

Thomas

Qrt wrote: »

I haven’t heard of it but I can understand their reasoning. I’m guessing your bank statement is full of revolut top-ups? They’re going to want to see where that money is going.

Could be your gambling, drinking and secret loan repayment account.

GLaDOS

Yeah I had to submit 6 months of accounts for revolut when applying for my mortgage. It's like any other bank account.

Gumbo

If the bank account you give to the bank shows transfers to another account they will ask what it is. When you tell them that’s tour Revolut then they request statements just as they would if you told them you had any other bank account.

Completely normal OP.

SozBbz

Yep, I had to do it too. Its a bank account, you have to turn over all such records be in Revolout or just multiple current accounts.

Its so that the lender can see if you've any hidden direct debits or have a gambling problem for example, and were using Revolut to hide it from your Primary currant a/c.

tomister

Totally normal. I use Revolut for day to day banking and although its funded from my current account. I assumed they would need it for the mortgage application so had it to hand. Its dead easy to get one from Revolut though, pick the length you need it for and its emailed to you in either Excel or PDF depending on what you choose.

cruizer101

I'd imagine it is fairly standard if there are a lot of deposits to it.
I have a revolut but didn't get asked to supply statements but at the time I had only put maybe 50-100 quid on it in total.

Bluefoam

Seems that there is a rumour that you can use Revolute as a way of hiding certain spending patterns... Like, to your online betting account, hookers etc...

Gumbo

Bluefoam wrote: »

Seems that there is a rumour that you can use Revolute as a way of hiding certain spending patterns... Like, to your online betting account, hookers etc...

You still can as long as you don’t top it up from the current account you show a potential mortgage provider.

If they see consistent top ups from your current account they will ask. If it’s just the one you can say it was a transfer to a friend or something.

jen70

Yes i had to provide six months of Revolut statements

duffman13

Bluefoam wrote: »

Seems that there is a rumour that you can use Revolute as a way of hiding certain spending patterns... Like, to your online betting account, hookers etc...

From experience revolut blocked my card a few years ago for using a betting site. May have changed in the mean time.

But yeah I was asked for 6 months statements when applying aswell!

Sunrise_Sunset

Yes we had to too, with PTSB earlier this year.

Empty_Space

One thing I learned from previous application, they want everything.

I don't see why they have right to decide what you spend your own money on as long as you meet savings criteria. I understand their reasons but it shouldn't be their right.

Bluefoam

Empty_Space wrote: »

One thing I learned from previous application, they want everything.

I don't see why they have right to decide what you spend your own money on as long as you meet savings criteria. I understand their reasons but it shouldn't be their right.

Because they can potentially lend you hundreds of thousands of euro and want verification that you are a safe proposition.

They don't have to lend you anything...

SteelyDanJalapeno

Approval with TSB last month, we were asked for our Revolut accounts

Empty_Space

Bluefoam wrote: »

Because they can potentially lend you hundreds of thousands of euro and want verification that you are a safe proposition.

They don't have to lend you anything...

I understand but the point is gambling etc. doesn't necessarily increase risk for an individual, they are statistically putting people into categories.

They would achieve more by doing full psychology analysis but that would be a breach in privacy and is rightly not tolerated.

Bluefoam

I get it... Some people would like to hide their gambling from the bank, instead of just stopping for a prescribed amount of time until the application is completed.

But therein lies the problem...

JeffKenna

Bluefoam wrote: »

Seems that there is a rumour that you can use Revolute as a way of hiding certain spending patterns... Like, to your online betting account, hookers etc...

High class hookers you must go to not needing to be paid in cash.

NewbridgeIR

Thread title should read “Bank Requesting Revolut Statement for Mortgage Application?”

Empty_Space

Empty_Space wrote: »

I understand but the point is gambling etc. doesn't necessarily increase risk for an individual, they are statistically putting people into categories.

They would achieve more by doing full psychology analysis but that would be a breach in privacy and is rightly not tolerated.

I would have thought gambling is one of the activities banks fear most as even though you may have a stable job and income, gambling can effect both, and therefore effect you ability to pay.

If a bank lends to you, they require mortgage protection policy, that usually requires a full medical history/declaration, so they in effect do check on your health.

Genius2013

Have any of you come across a situation where if you have a Revolut card that you haven't funded from your main bank account in over 12 months that the bank have still requested the statements?

SteelyDanJalapeno

Genius2013 wrote: »

Have any of you come across a situation where if you have a Revolut card that you haven't funded from your main bank account in over 12 months that the bank have still requested the statements?

Doubt it, they'll only ask for a look at Revolut if they see regular transfers to it in the past 6 months.

lawred2

Empty_Space wrote: »

One thing I learned from previous application, they want everything.

I don't see why they have right to decide what you spend your own money on as long as you meet savings criteria. I understand their reasons but it shouldn't be their right.

really?

sure you could be a compulsive gambler or anything that would heighten the risk of lending to you

Bluefoam

I have an idea... if gambling isn't a problem for you and you have outstanding financial records, why don't you just be honest with the bank and show them it's not a problem.

The fact that you are trying to hide stuff from them might be percieved as a slight negative for someone trying to evaluate whether they should lend you hundreds of thousands of euros.

19233974

3 different banks have all asked for revolut from me, perfectly reasonable request

Doctorsamuel

Hi guys,

looking at the Revolut statements, will the bank ask for more details of each transaction/transfer?

Thanks!

Bluefoam

They questioned me about transactions I had made years previously in a different country...

Doctorsamuel

Bluefoam wrote: »

They questioned me about transactions I had made years previously in a different country...

I spent all summer abroad so they will see that over the past months I only have foreign transactions. Will they just ask why or will they need some sort of additional documentation?

It would be interesting to see how underwriters categorise risk as it is going to be statistically based.

I would say any propensity to gamble and is a bit red flag and any attempt to hide it an even bigger red flag no matter how much someone protests it's a hobby.

Doctorsamuel

Doctorsamuel wrote: »

I spent all summer abroad so they will see that over the past months I only have foreign transactions. Will they just ask why or will they need some sort of additional documentation?

It depends on what the transactions are. If they can see plane tickets being bought, transactions at the airport, then general living expenses abroad, then airport again, there's no reason why there would be an issue, you were clearly just on a trip.

If there are transactions that are a cause for suspicion that's a different story.

Bluefoam

Doctorsamuel wrote: »

I spent all summer abroad so they will see that over the past months I only have foreign transactions. Will they just ask why or will they need some sort of additional documentation?

I was living there... Had sold a car for cash... it was a reasonable amount of money and they wanted to know where the funds had come from... Had to prove that I had initially bought the car and then proof that I sold it.

They did similar on all kinds of other transactions.

zf0wqv9oemuasj

Bluefoam wrote: »

They questioned me about transactions I had made years previously in a different country...

Banks normally only ask for previous 6 months of statements so it’s strange you would be asked about something years back.

tscul32

My mum has no bank account but with the big push for contactless she got a revolut. I send money to her account and she pays me back in cash. I wonder what would happen if you told that to the bank? "Not my card".

Doctorsamuel

true-or-false wrote: »

It depends on what the transactions are. If they can see plane tickets being bought, transactions at the airport, then general living expenses abroad, then airport again, there's no reason why there would be an issue, you were clearly just on a trip.

If there are transactions that are a cause for suspicion that's a different story.

Sure, all transactions are mainly supermarkets and fuel stations. As all of this is not in English I just hope they will be happy and not asking for translations or whatever...

Bluefoam

Umaro wrote: »

MOD SNIPPED

Money laundering... They wanted to know what large sums of money were coming from the Middle East...