Ways to pay?

SwordofLight

Hi all,

I've a mortgage approval and want to purchase a house in the next few weeks. The problem is I have a debt of €2000 due in the next week and although I have cash to cover it (just about!) they won't accept cash.

I obviously don't want to mess up my mortgage with any delays because of payments that could take a day or three to question, so am considering my other options. I know a Postal Order max is only €650 so that won't do. Any thoughts?

Salary Negotiator

Did you list this debt on your mortgage application? If so then paying it off shouldn't be an issue.

On what grounds are they refusing cash?

SwordofLight

No it's a one off fee for a course I'm doing, so not an ongoing debt. They don't know about it but it's pretty irrelevant given I have the cash here to cover it.

Heres Johnny

Lodge it to their bank account

Give the cash to someone, a parent or sibling for example and get them to transfer across to the person you are paying?

That being said its very unlikely the bank will be checking your recent transactions and even if they do they are not going to be bothered once you still have sufficient funds for your deposit etc.

Thoie

You can get a bank draft made up for any amount in a bank, though there is a charge for it (€3-5). It would be made payable to the recipient, and they lodge it like a cheque.

SwordofLight

Can that be done in any bank?

Thoie

SwordofLight wrote: »

Can that be done in any bank?

"Probably".

You used be able to, but between money laundering laws, and some banks being "cashless", I'd ring a branch first if you're popping in there in a rush.

SwordofLight

No to get a bank draft you need to have an account at the bank so that's out. Maybe I could get a few postal orders. Ah I'm getting a sense this is a bit dodgy now.

SwordofLight

SwordofLight wrote: »

No to get a bank draft you need to have an account at the bank so that's out. Maybe I could get a few postal orders. Ah I'm getting a sense this is a bit dodgy now.

Why are you worried that it will impact your mortgage? Unless you are needing ever cent of your savings for a deposit why would it matter.

SwordofLight

Ok so as i've said it's because I don't want any cause for delays. A big transaction like that might cause the bank to question it, which could turn into a delay of 3-4 days.

SwordofLight

SwordofLight wrote: »

Ok so as i've said it's because I don't want any cause for delays. A big transaction like that might cause the bank to question it, which could turn into a delay of 3-4 days.

Why would they question it, they won’t even be checking your account.

They probably won’t have checked your account since you were approved months ago that’s assuming your mortgage is the same bank as your current account if it’s not they won’t have a clue if you make a transaction.

SwordofLight

Maybe you're right, in my experience they send an email to ask about a transaction, then you get back to them and hear no more, but that process could potentially take a few days. I'm sure any bank official would need to check everything between approval letter and official offer.

SwordofLight

SwordofLight wrote: »

Maybe you're right, in my experience they send an email to ask about a transaction, then you get back to them and hear no more, but that process could potentially take a few days. I'm sure any bank official would need to check everything between approval letter and official offer.

This sounds very unusual, never heard of anything like this before. sure if you mortgage was with a different bank they would never know what your transactions are.

Normally they go through your statements when applying and that’s it, they often don’t ever check again.

Trish56

Do you have' Approval in Principle' or Loan Offer - if it's Approval in Principle you may have to show evidence of balance of funds when applying for a full offer.

If you have full loan offer the lender would not usually look for further evidence of balance of funds.

I see no reason why you can't lodge the 2k to your bank account and then transfer to who you wish to make the 2k payment to.

SwordofLight

Yep thanks Trish that's what i ended up doing