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Problems with getting a mortgage after using Mintos

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  • 01-11-2019 2:46pm
    #1
    Squozen
    Registered Users Posts: 117 ✭✭


    Hi all,


    I started using Mintos a couple of years ago because the banks didn't provide any sort of return, but now that I'm looking for a mortgage my bank is being very strange about the Mintos account. They don't seem to understand what peer-to-peer lending is and are asking me for a credit report for 'my account in Latvia'.


    Oh, they're also asking for a Dutch credit report because I bought shares using Degiro...


    Has anybody else had problems with banks asking for this stuff? Suggestions? Maybe a broker?


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  • Options
    #2
    amacca
    Registered Users Posts: 6,755 ✭✭✭amacca


    Squozen wrote: »
    Hi all,


    I started using Mintos a couple of years ago because the banks didn't provide any sort of return, but now that I'm looking for a mortgage my bank is being very strange about the Mintos account. They don't seem to understand what peer-to-peer lending is and are asking me for a credit report for 'my account in Latvia'.


    Oh, they're also asking for a Dutch credit report because I bought shares using Degiro...


    Has anybody else had problems with banks asking for this stuff? Suggestions? Maybe a broker?

    First I've heard of any issue like that due to p2p lending

    Perhaps their hesitancy stems from a fear of you leaving the country with the money and they have no way of getting it back?


    It can't be the same issue as people with online gambling activity on their accounts surely??


  • Options
    #3
    edit_me
    Closed Accounts Posts: 35 ✭edit_me


    open secomd bank account with another bank and use it for all your trading/investing activities.


  • Options
    #4
    Squozen
    Registered Users Posts: 117 ✭✭Squozen


    edit_me wrote: »
    open secomd bank account with another bank and use it for all your trading/investing activities.

    That won’t help me, I want a mortgage now and they know about the Mintos transactions. I could pull all the money back, invest nothing for six months and try again but a) that loses me 6 months of interest and b) I just put a booking deposit down on a property after getting approval in principle which the bank is now being antsy about. I don’t really want to lose out on getting the house.

    Also, you don’t think the bank will find out about a secret bank account in your name when they get an Irish credit report?


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    #5
    amacca
    Registered Users Posts: 6,755 ✭✭✭amacca


    Is it possible to get the things they asked for, the credit reports?


    (its not whats at issue here but in my experience banks like to say they approved loans with no intention of letting the money out)


  • Options
    #6
    Squozen
    Registered Users Posts: 117 ✭✭Squozen


    amacca wrote: »
    Is it possible to get the things they asked for, the credit reports?


    (its not whats at issue here but in my experience banks like to say they approved loans with no intention of letting the money out)

    I’ll try, but I imagine the result will be a blank report with no information because neither country will have any records of me because I don’t have a bank account in that country. And then I’m paying to translate a useless report into English.


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  • Options
    #7
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    Have you tried another bank.


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    #8
    CardinalJ
    Registered Users Posts: 1,303 ✭✭✭CardinalJ


    When I went for a mortgage I stopped everything bar day to day 'normal' activity for this reason.

    If you get denied the mortgage then youll have to declare being denied one.

    Youre probably dealing with a person who is working through a script in the bank and they just dont understand anything.


  • Options
    #9
    Bogwoppit
    Registered Users Posts: 2,554 ✭✭✭Bogwoppit


    Squozen wrote: »
    I’ll try, but I imagine the result will be a blank report with no information because neither country will have any records of me because I don’t have a bank account in that country. And then I’m paying to translate a useless report into English.

    Let them translate it themselves


  • Options
    #10
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    I had a revolut card and some other stuff.

    I had statement already printed out for previous 6 months and had copies of passports, doubles of all statements and credit report etc....

    The banker couldn't believe I had everything and too much as he even said this to me.

    We ended up going with ptsb.


  • Options
    #11
    Salary Negotiator
    Closed Accounts Posts: 1,148 ✭✭✭Salary Negotiator


    Bogwoppit wrote: »
    Let them translate it themselves

    Because the bank are going to do that.


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    #12
    delta_bravo
    Registered Users Posts: 4,567 ✭✭✭delta_bravo


    Recently applied with three banks for a mortgage and within that period I was winding down my mintos account so was getting numerous deposits from mintos into my account. I think two banks asked me what it was and I just told them via email stating it was an investment account. No issues with the application. Perhaps they're more nervous if the money is going out.


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    #13
    amacca
    Registered Users Posts: 6,755 ✭✭✭amacca


    delta_bravo wrote: »
    Recently applied with three banks for a mortgage and within that period I was winding down my mintos account so was getting numerous deposits from mintos into my account. I think two banks asked me what it was and I just told them via email stating it was an investment account. No issues with the application. Perhaps they're more nervous if the money is going out.

    That's what I think the banks issue is ...they are worried the money will disappear


  • Options
    #14
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,764 Mod ✭✭✭✭ToxicPaddy


    Banks these days question everything.

    My better half and I spent the best part of 3 months going over and back with banks when applying for our mortgage as they pretty much questioned every spend on our bank statements for 6 months, but got there in then end as we expected it and had everything to hand, including printouts for Revolut, Mintos etc.

    Have you tried going through a broker, they tend to have a contact in each bank that they deal with and by pass the usual paper pushers so it makes things a little easier?


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    #15
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    I think the conditions re credit report has come about due to lack of understanding with the lender. You need to send in a letter explaining exactly your transactions with Mintos and back it up with statements etc and stress that you have never worked or banked with any of the countries that they mention so therefore cannot apply for a credit report from them.

    Squozen wrote: »
    Hi all,


    I started using Mintos a couple of years ago because the banks didn't provide any sort of return, but now that I'm looking for a mortgage my bank is being very strange about the Mintos account. They don't seem to understand what peer-to-peer lending is and are asking me for a credit report for 'my account in Latvia'.


    Oh, they're also asking for a Dutch credit report because I bought shares using Degiro...


    Has anybody else had problems with banks asking for this stuff? Suggestions? Maybe a broker?


  • Options
    #16
    Squozen
    Registered Users Posts: 117 ✭✭Squozen


    Thanks all for the suggestions. We’ve managed to explain to the bank what all the investment accounts are and didn’t have to get credit reports after all. It just took time and patience (and we are still working through the application process!).


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