Providing Banking Transactions for Mortgage Application

Habata

Hi I'm just wondering what level of detail is required when providing statements to banks or brokers.

I find it invasive to send over something like revolut. Do they really need to know i sent my sister 20 euro for lunch on Tuesday at 1pm? Why is an aggregate of income and outgoings not enough?

Can I blank out some of the information and just keep the amounts? So they would know what I spent just not/where?

Smee_Again

The lender will want to see every transaction on every account that you use for the previous 6 months. If you redact any then they'll ask for an unredacted copy or just decline the mortgage.

They won't care about the €20 to your sister but they will care if you're spending €100's on gambling sites.

Its really not that invasive when you're asking them to lend you a few €100K.

phormium

Bank couldn't care less about your sisters 20 quid and will quickly scan over those sort of transactions and not even notice or remember them! They are looking for other things, blocking some out will just make them suspicious!

You're on the back foot here looking for money from them so it's their rules I'm afraid.

Jim2007

https://www.boards.ie/discussion/2058314441/providing-banking-transactions-for-mortgage-application

You want their money and they need to be as sure as the can that your are genuine, so they need to see your original documents. You need to gain their trust, if you blank out or alter documents, then all you do is register yourself as untrustworthy in their minds and greatly reduce your chances of getting the mortgage you want.

NewbridgeIR

Redacted anything is a red flag - the sign of someone that you don't want to do business with.

Stark

Revolut does have a "hide transaction" feature for hiding that 20 quid to onlyfans your sister. They're probably not going to notice the total amount being off by 20 quid or so.

Jim2007

https://www.boards.ie/discussion/comment/121136414#Comment_121136414

Bad advice. You are trying to establish a credible reputation with a financial institution who's decision will have a significant impact on your lifestyle. It is not the time to go playing silly bugger games.

And yes I'd notice immediately that the balance was off, it's what I was trained to do. I spent over 30+ years involved in finance in one way or another and it never ceased to amaze me how the amateur fancy their chances against the professionals. They would not bet on their local parish soccer team beating Man. Utd., but their they are trying to fob you off with some cock and bull story, that you almost alway have heard before...

G_R

https://www.boards.ie/discussion/comment/121136414#Comment_121136414

https://www.boards.ie/discussion/comment/121137019#Comment_121137019

Aside from what Jim said being 100% correct, that only hides transactions from the transaction listing within the app, not the generated statement.