Mortgage arrears and bank account

mollymegan

I have arrears on my mortgage and was asked for income/expenditure information, I gave this over the phone, they then proceeded to look into my bank account to verify the information I had given them, has anyone had this happen to them? is it allowed? I was shocked that they were able to do this, it was strange having someone read out my incomings/outgoings as if I had given them my online banking login details.

Senior_Paper_Monitor

Assuming this is the same lender/bank (even if just in same group) then totally permissible - a considerable amount of information is also available via credit reporting even if not within same group.


You will have signed (either wet signature or electronic acknowledgement) the relevant authorities by way of opening the accounts.

If you have provided other than correct information voluntarily then you will have certainly not helped your case - and the checks are necessary because some people either do not know what they are spending (you'd be surprised how many !!) or feel they can misrepresent it successfully to their benefit.

WillyWonga

Yes as long as same banking group. They can use " Right of set off". Basically if you say have £1k in a savings account with them and say you are £500 in arrears on the mortgage and not made any attempt to clear it then they can take the mortgage arrears from your savings.

Thrugelmir

mollymegan wrote: »

I was shocked that they were able to do this, it was strange having someone read out my incomings/outgoings as if I had given them my online banking login details.

People are known to tell lies. People who work at lenders with access to such information do so for a reason. If you are in mortgage arrears then a lender will wish to see if there's particular causes. As they will try and help you.

Goldiegirl

They use all the information that is available to them to verify what you say. So if you have accounts with the same bank they will look at all your accounts to confirm what you are saying.


Yes, it is allowed. They don't need your online log -in. It's all available to them on their screens at the click of a mouse button

Jhoney_2

I thought it was a given that bank staff can see all your information, that how they can assist with enquires. So if you apply for a mortgage, they would have access to all/more detailed windows than e.g if you called and asked for a credit card/ loan statement .

I guess if you can justify the in/outgoings it's okay but I have yet to test that as my deal is not yet into the renewal period.

E.g all things go through my a/c for ease of tax records including utilities etc that are not all mine. At the moment i'm assuming that the apportioned elements will not be seen as 'my outgoings' once explained but you never know...

mollymegan

My mortgage is with the Halifax, my current account lloydsTsb , that would explain it as they are both part of the same banking group.Still it took me by surprise, not that it mattered, information all married up.