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Mortgage Approval

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  • 22-04-2021 2:56pm
    #1
    brooksrunner
    Registered Users Posts: 9 ✭


    About to apply for a mortgage , has anyone had any problems with a monthly bitcoin purchase on their application? Or is it viewed as gambling


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    #2
    Rob2D
    Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭Rob2D


    brooksrunner wrote: »
    About to apply for a mortgage , has anyone had any problems with a monthly bitcoin purchase on their application? Or is it viewed as gambling

    A bullrun going on and you want to go give money to a bank?! :pac::pac:

    Jokes aside I too would be interested to hear the bank's feelings on it these days.


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    #3
    Potatoeman
    Registered Users Posts: 4,214 ✭✭✭Potatoeman


    The bank want to see proof of savings, income and that you pay your rent on time. They won’t see it as a negative but probably won’t recognise it as an asset unless you can prove you have it and even the it’s considered volatile as it could half overnight.


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    #4
    Timmaay
    Registered Users Posts: 11,394 ✭✭✭✭Timmaay


    Can stablecoins be used as a proof of your deposit lol? Someday hopefully ha.


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    #5
    Kid Charlemagne
    Registered Users Posts: 268 ✭✭Kid Charlemagne


    https://blockfi.com/

    apparently these lads will lend you fiat using crypto as collateral
    havent dealt with them myself so cant vouch


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    #6
    Sierra Oscar
    Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 8,458 CMod ✭✭✭✭Sierra Oscar


    I've had regularish Coinbase payments and I got approval without it even being queried.


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    #7
    HGVRHKYY
    Registered Users Posts: 403 ✭✭HGVRHKYY


    Sierra Oscar wrote: »
    I've had regularish Coinbase payments and I got approval without it even being queried.

    Which bank?


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    #8
    Sierra Oscar
    Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 8,458 CMod ✭✭✭✭Sierra Oscar


    HGVRHKYY wrote: »
    Which bank?

    BOI, AIB and PTSB.


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    #9
    JibJabWibWab
    Closed Accounts Posts: 161 ✭✭JibJabWibWab


    Sierra Oscar wrote: »
    I've had regularish Coinbase payments and I got approval without it even being queried.

    RegularISH is not the same as monthly payments...


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    #10
    Sierra Oscar
    Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 8,458 CMod ✭✭✭✭Sierra Oscar


    JibJabWibWab wrote: »
    RegularISH is not the same as monthly payments...

    They would be monthly payments over the last six months or so, just not setup as a recurring payment on my end - i.e. different dates each month.

    Never even queried by any bank, but to be honest the payments are a tiny fraction of my overall savings and so on. I'd imagine if there were any 'red flags' then they might start asking questions just like they would for any other expenses over a prolonged period of time.

    I think it does demonstrate that the banks I was dealing with don't have a blanket policy of rejecting applicants based on making investments in crypto via the larger exchanges.


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    #11
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    When I asked about it (with EBS) they more or less said this whole "one lottery transaction and you're blacklisted" thing is an urban legend. OH invests and I'd been worried too. He said once it's coming out of disposable income, so after you show repayability, it doesn't matter.


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    #12
    Sierra Oscar
    Moderators, Category Moderators, Computer Games Moderators, Society & Culture Moderators Posts: 8,458 CMod ✭✭✭✭Sierra Oscar


    Antares35 wrote: »
    When I asked about it (with EBS) they more or less said this whole "one lottery transaction and you're blacklisted" thing is an urban legend. OH invests and I'd been worried too. He said once it's coming out of disposable income, so after you show repayability, it doesn't matter.

    Yeah that is similar advice that I got in relation to spending on betting sites (which I don't do to be fair) and so on. Banks don't seem to take issue with if you have plenty of disposable income and it is not impacting on the stability of your monthly finances.


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    #13
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    They might ask to see a statement of your crypto exchange account showing that payments issued from your bank account are indeed hitting that exchange account (to make sure the payments you are making are going to your own exchange account and not someone else’s).

    Besides that I don’t think it’s a problem.


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