privacy

sjh101

Just out of curiosity, if you want to take out a mortgage which is the same company that you bank with; do they have access to, and can they look at your future expenditure by looking at what leaves your account, AFTER YOU HAVE ALREADY GONE THROUGH THE COMPULSORY 3 MONTHS STATEMENTS THAT THEY NEED TO SEE DURING THE MORTGAGE APPOINTMENT?

A friend of mine thinks they can check what comes in and what goes out whenever, if its the same company that you bank with. I think otherwise.

Thanks

ACG

Yes.

I used to work for RBS/Natwest in their credit card department. If someone wanted a higher credit limit i could go and look through their RBS/Natwest account (with their permission) and make a judgment.

With mortgages, when you sign their declaration it will be allowing them to do checks on you which will include credit checks/public information and information they hold on you internally.

ethank

I know for sure this happens. HSBC checked my account when I applied for a mortgage with them.

Edi81

Somewhere in the Ts&Cs it will say that they can also share your information with other group companies.

Stands to reason that companies will use as much data they have in someone in reaching their decision.

Goldiegirl

Well, they'd need a crystal ball to look at future expenditure, but they can look at current expenditure, just by doing a simple enquiry on the account they want to look at.

sjh101

OK, thanks,

Perhaps I didn't make myself clear on certain things.

I understand they can check your spending on statements (the ones they request for mortgage appoitment but not sure whether they can check BEYOND the statements provided initially.

By future expenditure, I didn't mean money that hasn't been spent yet, ( that would be ridiculous) : ) I was just using it as a term for 'further money being spent' IN ADDITION TOO/BEYOND EXPENDITURE SHOWN ON THE 3 MONTHS WORTH OF STATEMENTS THEY REQUEST TO SEE IN MEETING.

So am I now right in thinking that the bank this person banks with can check this persons statements and expenditure beyond the 3 months statements they provided for mortgage appointment? ( baring in mind the mortgage and banking will be with same company)

Thanks

sjh101

For an example, if a customer went for a mortgage appointment to set up a mortgage with the bank they bank at normally, and the mortgage advisor goes over the finances with the customer looking at their statements..............

...............say five weeks later the customer spends on more outgoings (weren't originally brought up in meeting as its five weeks later) can the mortgage lender/bank still check those bank statements five weeks later without your permission?

Goldiegirl

In short ... yes


If the mortgage had been offered, they probably don't randomly look at your current account for the sake of it.


But if you needed an amended offer, they could, if they wanted to, look at your current account.


The person dealing with your application has access to all your accounts with that bank or building society. So it's not a question of privacy - they are permitted to look at your account if there's a reasonable reason to do so

ACG

Yes. The same goes for even if you did not use the bank you bank with.

Every lender is within their right to ask for more paperwork if they want it... if its your own bank they dont need to ask for the statements. If its a different bank they would as they would have no other way of seeing them.