Questions you were asked when making mortgage application

zg3409

I applied to multiple banks. It worked out as 70 pages of statements, wage slips etc. Then they always ask for more, and then just before drawing down the loan they again ask for latest pay slips and statements in case you lost your job or don't have same money in account. Final thing before money is transfered over, besides solicitor saying all is in order, is everything is reviewed by a different person in Dublin and their main job is to check everything and probably ask for something else. Everything is taken into account, location of house, number of children, credit card outstanding debit, amount spent on food and socializing and cash or any large sums is suspicious. This is all perfectly normal and standard. The initial request for loads is that they know it takes time to get everything together and better have too much than going back and forth 10 times over multiple months.

o1s1n

https://www.boards.ie/discussion/comment/122599819#Comment_122599819

What do you want everyone here to be telling you?

That your opinion is very mature, the banks are evil and incompetent and to pat you on the head for fighting the good fight?

You are not entitled to a mortgage. A bank does not have to give you a mortgage.

Generally when someone has a thing that you want you go along with the questions they ask to get the thing you want. It's not rocket science.

paul71

Unexplained cash income, at best income not declared for tax purposes = potential tax charge, fines, penalties and interest from revenue down the road. At worst criminal proceeds = potentially time spent in jail and not earning, fines, interest on undeclared income.

Why would a bank lend money to a pedant who will not do the simple thing and explain the source of the cash?

Murt2024

OP sounds like the definition of a Narcissist to be honest. High and Mighty and feel there better than everyone else. Bank should be privileged he choose them as he's King of the World and how dare they question him! They should take for granted how great he is.

Candlel

https://www.boards.ie/discussion/comment/122599206#Comment_122599206

Not enough cop on to know how to get a mortgage though.

Candlel

https://www.boards.ie/discussion/comment/122599221#Comment_122599221

Yes, the deluded bank that will lose your valued custom. 50 k is it?

forumdedum

https://www.boards.ie/discussion/comment/122602044#Comment_122602044

Have got mortgage in the past so you're not correct there

forumdedum

Wouldn't you like to know

forumdedum

God this forum is the absolute pits

forumdedum

Not correct

forumdedum

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

CramCycle

https://www.boards.ie/discussion/comment/122594927#Comment_122594927

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.

CramCycle

1.

Rows Grower

https://www.boards.ie/discussion/comment/122603299#Comment_122603299

When you say close to 7 figures are you including the exact amount of cents?

CramCycle

https://www.boards.ie/discussion/comment/122595046#Comment_122595046

Same here, we got there in the end but the constant mistakes at multiple levels by the bank was astounding.

Geuze

https://www.boards.ie/discussion/comment/122603299#Comment_122603299

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.

CramCycle

https://www.boards.ie/discussion/comment/122603309#Comment_122603309

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.

CramCycle

https://www.boards.ie/discussion/comment/122603307#Comment_122603307

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.

_H80_GHT

Just the usual really.

• employment status
• income / P60
• Current a/c, statements
• Credit card limit, statements
• Regular savings, statements
• Any fetishes
• Is that even legal

Gary_dunne

https://www.boards.ie/discussion/comment/122603268#Comment_122603268

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…

RichardAnd

https://www.boards.ie/discussion/comment/122603299#Comment_122603299

If you're close to a combined income of a million a year, she could have bought a house for cash!

Rows Grower

https://www.boards.ie/discussion/comment/122603327#Comment_122603327

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.

Raichų

https://www.boards.ie/discussion/comment/122604440#Comment_122604440

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.

Rows Grower

https://www.boards.ie/discussion/comment/122604497#Comment_122604497

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.

Candlel

https://www.boards.ie/discussion/comment/122604440#Comment_122604440

It's well know you should have a 'clean' account before applying for a mortgage. Gambling in any form is a no no.

Raichų

https://www.boards.ie/discussion/comment/122604530#Comment_122604530

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.

Candlel

https://www.boards.ie/discussion/comment/122604169#Comment_122604169

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.

Addmagnet

https://www.boards.ie/discussion/comment/122594927#Comment_122594927

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.

Rows Grower

https://www.boards.ie/discussion/comment/122604600#Comment_122604600

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.

Rows Grower

https://www.boards.ie/discussion/comment/122604617#Comment_122604617

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.

Candlel

https://www.boards.ie/discussion/comment/122604811#Comment_122604811

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.

Candlel

https://www.boards.ie/discussion/comment/122603260#Comment_122603260

What's with all the posts to thin air?

o1s1n

https://www.boards.ie/discussion/comment/122603257#Comment_122603257

Well then none of this should be a suprise to you.

Murt2024

https://www.boards.ie/discussion/comment/122604826#Comment_122604826

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.

RichardAnd

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?

Raichų

https://www.boards.ie/discussion/comment/122605223#Comment_122605223

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.

Ninthlife

https://www.boards.ie/discussion/comment/122605223#Comment_122605223

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!

Mellor

https://www.boards.ie/discussion/comment/122603299#Comment_122603299

I've no doubt that's what they told you. But I also have no doubt that's not what actually happened.

https://www.boards.ie/discussion/comment/122604600#Comment_122604600

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.

https://www.boards.ie/discussion/comment/122605287#Comment_122605287

110% mortgages. Madness in hindsight.

CramCycle

https://www.boards.ie/discussion/comment/122604440#Comment_122604440

Maybe she lied to us, she was upset, I have no reason not too. I guessed 6 euro but maybe it was more.

CramCycle

https://www.boards.ie/discussion/comment/122604639#Comment_122604639

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.

CramCycle

https://www.boards.ie/discussion/comment/122604358#Comment_122604358

Key words being "A house", not the house they were looking at in South Dublin, D4. The house they were looking at was several fold the cost of my own. They could have bought my house for cash within two years if they lived semi frugally.

Murt2024

https://www.boards.ie/discussion/comment/122605734#Comment_122605734

I take it your taking the mickey here? Or are you actually serious. That's complete nonsense. Never knew my bank statements had time stamps on it. 😂

CramCycle

https://www.boards.ie/discussion/comment/122606199#Comment_122606199

I'm literally repeating what was said to me, nothing more, nothing less. I used to do the lotto but that was in person, with a card, but didn't affect my application, I would presume that level of detail is not conveyed in a card payment when done with general shopping. I know nothing about whether it does or does not affect your credit score, it was said to me by someone doing a MSc in the area but as you and I both know, plenty of stupid people have good educations and plenty of people parrot stuff (the irony being me in this thread) they heard from others.

I don't believe or disbelieve, just repeating what was said to me.

CramCycle

https://www.boards.ie/discussion/comment/122605453#Comment_122605453

Maybe so, they lost the house they were after either way but got one a little over 6 months later. A weird lie considering they only told us when we told them of our mortgage woes, which were not gambling related, just AIB underwriters asking for additional info and then AIB not actually asking us, repeatedly.

As any of us who actually got a mortgage know though, what the bank tell you and what the underwriters sign off on can be vastly different. I was asked lots of stupid questions by AIB which in hindsight, felt more like tick box, feeling involved, gathering ad data than anything useful.

Raichų

https://www.boards.ie/discussion/comment/122606199#Comment_122606199

Would assume they mean if your dealing with the bank you have a current a/c with as I assume they can see date and time of transactions

Jonathan2712

https://www.boards.ie/discussion/comment/122599221#Comment_122599221

There is a little over e136 billion on deposit in Irish banks from non-commercial depositors (regular people not business'). If your total deposit is less than say e5m, I doubt that they would even care. If your deposit is less than e100m it's not even going to be a rounding error on their balance sheet.

Jonathan2712

I assume it makes a big difference if you apply for a mortgage from the bank that you do most of your banking with, as they can see pretty much everything already. When I got my mortgage, it was a quick phone call to apply, and within 15 min I was approved. I just had to sign some forms. That was it. This was just six years ago, so certainly not in the crazy days.

bigboss1986

I had few Paddy Power payment on my Revolut.They were small ,like 20€/week.Was no problem for ICS who were the cheapest at the time.

antodeco

I went with a broker, GMC with PTSB. I had been using Doddle but they took weeks to review documents I was uploading. For me, if when I'm trying to give you business you aren't urgent, then when I actually need something urgently, I'd have my fears.

I had applied with AIB who annoyingly, wouldn't review any documents until I went into a branch with photo ID. No AIB branch near me that's open at least during "normal hours". Id happily supply photo ID at drawdown if needed, but the whole point of an online application is the ease of use.

PTSB, usual questions. Had a few large payments back and forth (all but one being less than 2k). Was able to be explained fairly easily.

Degag

Anyone have experience with Haven and gifts? Do they actually need the money physically in your account or just the form signed to signify the money can/will be gifted to you?