What questions did your mortgage team ask you that surprised you? Also, did any bank seem error ridden
There is noting unexplained here. Fine, the banks are perfect. They don't ask silly questions and the maths of the staff brilliant.
Thank you everyone for your intelligent insight. Give me strength
A co worker of my partner bought a lotto sub online. Refused her mortgage on this alone despite a combined salary close to 7 figures. Bizarre in the extreme sometimes.
1.
When you say close to 7 figures are you including the exact amount of cents?
Same here, we got there in the end but the constant mistakes at multiple levels by the bank was astounding.
I'm sure a calm explanation might have sorted that, but at the same time, it just shows, to keep your life easy, maintain a perfectly clean and explainable current a/c for the year or two years before applying for a mortgage.
Nope, she explained and was given a computer says no response, come back in 6 months by which time they lost the house. That's not all banks I'm sure, just weird a one off 6 euro 'bet' would cost that.
This said, friend of mine done a MSc in Smurfit years ago and always advised for nights out to have cash, even small withdrawals at 4 am (even for shift workers) would lower your chance of a mortgage severely, so I'm not surprised.
As in both her and partner were in 6 figure salaries, how close to 7 figures, I don't know but well over half way there based on their positions.
Just the usual really.
You do know that the staff aren't sitting down with a pencil, paper and abacus to work out your mortgage application.
Not sure why I'm even bothering to explain this to you when it's all nonsense. You've stated on another thread that the bank are offering you a larger mortgage than you can afford yet here they're offering you nothing and asking for further information that you won't provide…
If you're close to a combined income of a million a year, she could have bought a house for cash!
I refuse to believe that what you are saying happened actually happened.
There is no way on Gods earth that spending 6 euro on a lotto ticket would have those repercussions for a couple that earn close to 7 figures between them.
what odds does all that money matter if the bank is concerned they’re going to gamble it?
Its a very OTT reaction from the bank but not exactly beyond possible either.
Not beyond possible but there's a better chance that they would have won the lotto with that 6 euro ticket than there is of a bank actually using it as a reason to refuse the loan.
It didn't happen.
It's well know you should have a 'clean' account before applying for a mortgage. Gambling in any form is a no no.
in fairness you can’t say for certain it didn’t because you weren’t there! It’s entirely possible even the story teller hasn’t got the full facts.
I would imagine there was probably a little more to it than one lotto ticket but I’m sure most people wouldn’t be telling the full story to their friends either
Either way not really worth debating if it happened or not.
He's looing for a one bed for +/- 400K in a rising market. If he is going to take a mortgage that he can't afford he might be lucky the bank are turning him down when he won't supply them with the information they want. Which he still has not told us what it is that is so awful of the banks to ask him.
A friend who recently got a mortgage was advised, by the mortgage advisor of the bank! to not buy Euromillions/Lotto tickets online.
Even though they only got one at a time and only when the jackpot was looking healthy.
They were told it could be considered regular gambling and a red flag.
Advisor said "just take out the cash and buy over the counter".
I understand why etc, but it's all a bit farcical.
Evidence of regular gambling is a red flag but even that is not an automatic refusal.
Purchasing one Lotto ticket for 6 euro is not evidence of a gambling habit.
I'm not doubting the integrity of the poster who made the claim as I do think he is relaying the the story he was told and took it at face value.
Clearly that's true. But if you are applying for a mortgage the computer doesn't like it if you have Paddy Power or the Lotto on your bank statement.
What's with all the posts to thin air?
Well then none of this should be a suprise to you.
Your 100% right, OPS friend just covering his tracks on refusal. You wouldn't be rejected even for one Paddy Power race at the grand national! There was definitely another reason they were rejected. My guess is regular expenses on the scratch cards on the lottery app.
A bit of a tangent here, but does anyone know what kind of questioning or suitability screening was done back in the Celtic Tiger days? I ask because I know of horrifically financially ignorant people who were given huge mortgages back in the day. Was it really just a case of filling out a few forms?
sort of yeah. That and showing you at least had the money to pay back at the time but I don’t think they really dug into your history.
I actually know of lads who made a few pound for themselves back in the day organising mortgages for young ones. That’s just how easy it was. Didn’t matter you had a mortgage already, didn’t matter if you had two, just ask, show you can pay them back (probably) and there ya go.
When getting our mortgage back in the Celtic Tiger days we were told you qualify for X amount based on your income and affordability but we can lend you an additional 25k as your wages will probably go up over the next few years and you might like to furnish your new house or get a new car with the extra amount.
It was Irish Nationwide and we all know what their practices were like now!
I've no doubt that's what they told you. But I also have no doubt that's not what actually happened.
It's actually bit of a myth. Somebody being a gambler, especially problem gambler would have a different risk profile to someone else. Ad that could be a factor in a borderline application. But the idea that any gambling payments means no-mortgage is simply not true. 1000s and 1000s of people gamble online. Many of them get mortgages.
110% mortgages. Madness in hindsight.
Maybe she lied to us, she was upset, I have no reason not too. I guessed 6 euro but maybe it was more.
Same as my friend who done finance told me, don't take out cash at 4am after a feed of pints, have your cash for a taxi etc, already, it doesn't look good. Same money going out but one leans the computer to say no.
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