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Will using Revolut affect trying to get a mortgage with the big banks

  • 01-06-2020 8:40am
    #1
    DeSelby83
    Registered Users, Registered Users 2 Posts: 2,576 ✭✭✭


    Hi, not sure if this is the right place to ask but I'm wondering if I use Revolut or N26 affect me when I want to apply for a mortgage. I'm so sick of all the fees I pay the banks but I also want to apply for a mortgage soon.

    If I got my wages paid into R or N26 as my main account and then move money into BoI or AIB for savings would that help?

    Hope this makes sense and any help would be appreciated.


Comments

  • #2
    diggerdigger
    Registered Users Posts: 129 ✭✭diggerdigger


    DeSelby83 wrote: »
    Hi, not sure if this is the right place to ask but I'm wondering if I use Revolut or N26 affect me when I want to apply for a mortgage. I'm so sick of all the fees I pay the banks but I also want to apply for a mortgage soon.

    If I got my wages paid into R or N26 as my main account and then move money into BoI or AIB for savings would that help?

    Hope this makes sense and any help would be appreciated.

    No it should not. You will have to provide the statements though. So any transactions will be scrutinized. Also, most Irish banks give you current account fee free banking when you have a mortgage. So bear that in mind.

    Also think about the sums of money you will have at R. Unless it's changed, it's an e-money licence, not a bank? I had a transaction frozen at R and it can be a pain. that was with a premium sub. So not fee free.

    N26 has a full banking licence (in Germany) so has the benefit of state guarantees, etc. All in all, n26 processes have impressed me more than any of the others, and kind of feels more solid. R has more features/products though - junior acs, better currency, crypto.


  • #3
    8-10
    Registered Users, Registered Users 2 Posts: 13,366 ✭✭✭✭8-10


    diggerdigger wrote: »
    No it should not. You will have to provide the statements though. So any transactions will be scrutinized. Also, most Irish banks give you current account fee free banking when you have a mortgage. So bear that in mind.

    Also think about the sums of money you will have at R. Unless it's changed, it's an e-money licence, not a bank? I had a transaction frozen at R and it can be a pain. that was with a premium sub. So not fee free.

    N26 has a full banking licence (in Germany) so has the benefit of state guarantees, etc. All in all, n26 processes have impressed me more than any of the others, and kind of feels more solid. R has more features/products though - junior acs, better currency, crypto.

    Is crypto scrutinised in any way for a mortgage if you keep revolut money in different coins? (outside of deposit + savings)


  • #4
    diggerdigger
    Registered Users Posts: 129 ✭✭diggerdigger


    8-10 wrote: »
    Is crypto scrutinised in any way for a mortgage if you keep revolut money in different coins? (outside of deposit + savings)

    I believe they look more for evidence of trading activities. If your holding some coins, should not be a problem.

    If your loading up your account from credit card and day trading/speculating, then id imagine that's a red flag.

    They *may not * consider all of the money in crypto at full current value if needed for deposit due to volatility, and won't consider gains as income.

    A number of years ago, I day traded spreads, and even though consistently in the black, it was viewed harshly by 2 banks, to the point that I stopped ,closed up spread accounts and waited for 6 months clean statement.


  • #5
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    I think the best solution is a combination of a free ebs money manager account and Revolut as between the two you cover all bases. You can have issues with an odd company for direct debits for instance and things like lotto.id you need an Irish card too.


  • #6
    DeSelby83
    Registered Users, Registered Users 2 Posts: 2,576 ✭✭✭DeSelby83


    The whole cryoto thing is a bit strange, bit of a minefield when it comes to banks. I could be totally wrong but it seems like such an unknown as to how banks would react to me having some or buying it regularly.

    If I am putting away €50 a month to an exchange is that going to set off any red flags? Would it be different if it was into more common stocks/shares?


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  • #7
    diggerdigger
    Registered Users Posts: 129 ✭✭diggerdigger


    DeSelby83 wrote: »
    The whole cryoto thing is a bit strange, bit of a minefield when it comes to banks. I could be totally wrong but it seems like such an unknown as to how banks would react to me having some or buying it regularly.

    If I am putting away €50 a month to an exchange is that going to set off any red flags? Would it be different if it was into more common stocks/shares?

    I'd kind of think why bother for 50 a month. Just put it in savings instead.

    If youre just tinkering, give it a break for a bit. Unless your actually looking to place something seriously, then park it for a few months till you draw your mortgage.

    If you buy and hold stocks, not an issue. If you are having what looks like a random flutter and your money management looks erratic, then they'll take a dimmer view.


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