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Can trading cryptocurrency affect mortgage application status

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  • 03-06-2017 3:05pm
    #1
    stick-dan
    Registered Users Posts: 2,456 ✭✭✭


    Hi,

    Quick question and maybe it's obvious but I want to check.
    Can trading in Cryptocurrencies be seen as something negative when making a mortgage application?

    I had a look but found only sparce mentions of it.

    Thanks in advance.


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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,362 Mod ✭✭✭✭Gumbo


    I would say yes, it would be a big risk and on the same level as consistent online betting through a PP account linked to your bank card.


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    #3
    Feckofff
    Registered Users Posts: 116 ✭✭Feckofff


    stick-dan wrote: »
    Hi,

    Quick question and maybe it's obvious but I want to check.
    Can trading in Cryptocurrencies be seen as something negative when making a mortgage application?

    I had a look but found only sparce mentions of it.

    Thanks in advance.

    I would be creative, I just said I was buying bicycle parts on eBay.

    Now if your pushing around 100k then they might not believe you.

    Their is a proposal to tax income from trading the same as fx, just something to be aware of.


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    #4
    LincolnHawk
    Registered Users Posts: 364 ✭✭LincolnHawk


    Having extra disposal income to buy bitcoin probably wouldn't...but that's just a guess.
    You'd need to ask an underwriter


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    #5
    JP 1800
    Registered Users Posts: 337 ✭✭JP 1800


    I would not think it should be a problem, it is basically investing, the same as commodities, like gold and silver the value may go up or down. I invested in some classic cars and then sold them on when the time came to applying for a mortgage, the only thing I has to furnish was receipts from the buyers along with screenshots of the ads


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    #6
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    Feckofff wrote: »
    Their is a proposal to tax income from trading the same as fx, just something to be aware of.

    Interesting have you got a link?


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    #7
    Feckofff
    Registered Users Posts: 116 ✭✭Feckofff


    davindub wrote: »
    Interesting have you got a link?

    Sorry no link,

    I heard it from someone working in the banking industry who is working on blockchains.


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    #8
    traveller0101
    Registered Users Posts: 122 ✭✭traveller0101


    Is there any more comments on this or does anyone have experience?


    I would think that buying cryptocurrency should be okay because you're just holding your money in a different currency. It could be EUR, USD, GBP, AUD, etc.





    I think day trading would be considered risky since it's essentially gambling.




    So to make the OP's question more specific. Will buying BTC, LTC, ETH (but not trading it) have a negative effect on a mortgage application even if you're saving enough money (in traditional EUR savings accounts) every month to pay mortgage repayments?


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    #9
    whippet
    Registered Users Posts: 7,687 ✭✭✭whippet


    The last time I applied for a mortgage (2012) none of our investments (stock portfolio), regular work bonuses were considered as part of the application.

    However, in most circles Bitcoin is seems as a high risk investment and may actually be seen as a negative .... but most definitely won’t be taken as a positive


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