What questions did your mortgage team ask you that surprised you? Also, did any bank seem error ridden
None surprised me.
The usual questions:
Avant only use brokers, and the broker had an online interface that required uploading loads and loads of documents.
Not questions about around 20 lodgements in the bank I save with, the same bank providing the mortgage?
Your bank will look at all the transactions on your current account.
Yes, they are asking who gave me the money and in some cases who I paid. You'd think I was a dealer or something
Yes, this is why if anybody is thinking of applying for a mortgage, you should keep your current account "clean".
By that I mean no gambling, etc., and that you can explain all transactions.
Any odd, or large transactions will be queried.
My account is always clean. Many of these payments are very small. These mortgage people have more time on their hands than I have. I'd need to take time off work to answer their questions. Bank also messed up in other ways I won't go into here. Incompetence is the word. Very common these days in all areas though
I was asked for revolute statements, which I didn't use at the time. It would have been hard enough to hide anything had I had anything to hide.
I was asked about a rather large payment transfer out of my account. Explained it was the booking deposit for the house I was applying for the mortgage on. Supplied the receipt and everything showing the same. Got a "computer says no" response & told that that payment meant I didn't have enough in savings for them to give me the mortgage & I'd have to save the exact amount I'd paid as the deposit in order to get it. Again tried to explain that the money was reducing the deposit needed for the house but nope. Gave up all hope on that bank.
Other than that it was the usual thing of "what's this amount you're transferring to this person"; "why do you have mulitiple savings accounts?" (I had one for mortgage, one for hols & one random) etc.
Yes I was asked for Revolut statements too.
I'll be telling them I'm taking my business elsewhere. Beyond nosy imo. I have nothing to hide but I'm also too busy to have time for this nonsense.
You're asking them to lend you an enormous sum of money. Mostly on trust, as repossessions are very rare and hugely expensive to pursue.
It's fully understandable that they get a full and frank picture of your finances.
Taking your business elswhere wil not chage that.
OP in all fairness you’re asking the bank to lend you 10’s if not 100’s of thousands of euro.
I think it’s fairly reasonable for them to be very careful about giving out that kind of money and if they expect for any reason you won’t be able to pay it back they just won’t take the risk. You have two options here really and that’s
AIB were useless, asking for stuff I didnt have. I found the local BOI branch great but their online/CS staff were awful. We went with PTSB who were not great but had the best rate at the time.
the next bank will ask the same questions
Unexplained cash transactions is a massive red flag and refusing to answer basic questions is a guaranteed refusal of your application.
These are not basic questions imo
There is no evidence I can't pay from the information I provided
That's your opinion.
It's the bank's opinion that counts.
Good luck getting any lender to lend you a couple of hundred thousand euro if you're unwilling to answer a few questions.
What?? 😂 The banks is lending you 100s of 1000's.
They can ask you any questions relating to finances they want 😂
Yes, they are. I assume it's just undeclared nixers but for all the bank knows, you could be dealing drugs or have a gambling addiction. Either way, they have to know what they're getting into.
well look OP I can save you the hassle of trying to get a mortgage anywhere if you’re not going to play ball with the bank.
At the end of the day they don’t owe you anything and you’re the one with cupped hands outstretched asking for the money. If you seriously expect the bank to loan you as I said 10’s of not 100’s of thousands without scrutiny of your entire financial history, think again. whether or not you agree with being asked doesn’t matter if you want the mortgage you play the game.
Haven were a nightmare.
Didn't ask for anything out of the ordinary, but they regularly went weeks without reviewing documents and statement which were then out of date.
All banks will ask you the same questions
Indeed. This is why they started asking for revolute statements. Some use it to pay for drugs or, shall we say, personal services.
I don't encourage or condone degeneracy, but if one is going to do these things, cash is king.
What made them ask for revolute statements? Was there a transfer on your 6 months account statements
No they just asked for them when I made the application. It's apparently a standard thing that the bank (PTSB) look for. When I told them that I didn't have a revolute account, that was the end of it.
lots of people have Revolut accounts is probably why.
It's pretty standard to be asked for statements of all your bank accounts. Revolut is a bank.
My opinion is a mathematical one. Anyone with a bit of cop on would see this. It is not a question of opinion
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