Cryptocurrency & Mortgage

Smouse156

Hi,

I was just wondering if anyone has any experience with cryptocurrency transactions (Coinbase) effecting mortgage applications.

I haven’t withdrawn for years but would like to withdraw some now and there is very little info available online as to how this May effect a mortgage application.

I was wondering if it was under the general no no group of gambling/spread betting etc or not?

Any info/personal experience most welcome.

Thanks

Smouse156

Smouse156 wrote: »

Hi,

I was just wondering if anyone has any experience with cryptocurrency transactions (Coinbase) effecting mortgage applications.

I haven’t withdrawn for years but would like to withdraw some now and there is very little info available online as to how this May effect a mortgage application.

I was wondering if it was under the general no no group of gambling/spread betting etc or not?

Any info/personal experience most welcome.

Thanks

Anyone?

Bandara

Smouse156 wrote: »

Hi,

I was just wondering if anyone has any experience with cryptocurrency transactions (Coinbase) effecting mortgage applications.

I haven’t withdrawn for years but would like to withdraw some now and there is very little info available online as to how this May effect a mortgage application.

I was wondering if it was under the general no no group of gambling/spread betting etc or not?

Any info/personal experience most welcome.

Thanks

Hi there.

I’ve withdrawn a large amount from two different exchanges over the past month to be used to cover 40% of the mortgage on the property I’m pursuing. Banks didn’t ask anything, gave them 6 months accounts.

In reality it’s not a ‘gamble’ it’s an investment and like all investments your holding can go up or down, but as you don’t have any exposure I couldn’t imagine them having a problem with it.

Received a mortgage offer from three different institutions AIB, ICS, and Perm TSB all without any queries. So I’d suggest you should be fine.

Good luck with it !

p.s. makes sure to HODL some

timeToLive

I had transactions sending money to coinbase but not withdrawing any from it. It didn't come up in my mortgage application process

Smouse156

Bandara wrote: »

Hi there.

I’ve withdrawn a large amount from two different exchanges over the past month to be used to cover 40% of the mortgage on the property I’m pursuing. Banks didn’t ask anything, gave them 6 months accounts.

In reality it’s not a ‘gamble’ it’s an investment and like all investments your holding can go up or down, but as you don’t have any exposure I couldn’t imagine them having a problem with it.

Received a mortgage offer from three different institutions AIB, ICS, and Perm TSB all without any queries. So I’d suggest you should be fine.

Good luck with it !

p.s. makes sure to HODL some

Thanks for the feedback! I cashed all my crypto just before it topped out (Ethereum at 1800) but leaving most in to get back in down the line. Just took some out.

I realise it’s an investment, however, as most banks don’t know much about it I was wondering how they’d view it but thank you for the feedback.

When you say 6 months accounts, do you mean bank statements? Or like coinbase/binance statements?

Smouse156

timeToLive wrote: »

I had transactions sending money to coinbase but not withdrawing any from it. It didn't come up in my mortgage application process

Thanks

old_house

Smouse156 wrote: »

Thanks for the feedback! I cashed all my crypto just before it topped out (Ethereum at 1800) but leaving most in to get back in down the line. Just took some out.

A large expense (like a house) that does not match your ordinary level of income is likely to flag your account with revenue, who will be notified of your purchase by means of stamp duty. So you need to make sure to have proper documentation for all your transactions and also need to set aside 33% of your profits for CGT before spending anything. It doesn't matter if the money was withdrawn from the exchange or left there for future purchases, any profitable crypto-crypto or crypto-cash trade will create a tax liability. I'm sure you are aware of this, but for anybody else reading this thread it could be important. If the bank suspects a tax liability on your side they will raise that in the application process, since revenue well be ahead of them in the queue when it comes to collecting money...

Smouse156

Smouse156 wrote: »

Thanks for the feedback! I cashed all my crypto just before it topped out (Ethereum at 1800) but leaving most in to get back in down the line. Just took some out.

I realise it’s an investment, however, as most banks don’t know much about it I was wondering how they’d view it but thank you for the feedback.

When you say 6 months accounts, do you mean bank statements? Or like coinbase/binance statements?

Bank statements

thunderdog

Did a mortgage application with BOI. I had two reasonably large withdrawals from a crypto exchange on my bank statement. They asked for proof of source of funds on it. Sent them screen grabs of the withdrawals on the crypto exchange. They were happy enough with that. No further queries on it

Smouse156

6 wrote: »

Bank statements

Cheers