Mortgage Provider & Cash Flow

Davidium

Registered User
Messages
22
Hi Folks,

I have recently been made redundant and as a result I have applied to my mortgage provider to have my mortgage reduce to interest only in the short term. As part of the application I must detail all of my outgoings and income including any supplementary or irregular income. I have a few nixers that I do for cash and I'm wondering if I should declare them as they might work against me and result in the application being rejected.

I bank with AIB and have a mortgage with EBS, I know that EBS can access information held by the credit bureau (so credit cards, loans etc) but Im curious as to what EBS can and cannot see with regard to my financial information and specifically my current account for cashflow. I want to make sure by not declaring them Im not running the risk of my mortage provider findiing out and it hurting my creidt rating moving forward, is it even worth the risk? I'd be inclined not to take the risk but without the nixer income things are barely above break even. Any help or advice would be greatly appreciated.

Regards,

Dave
 
I want to make sure by not declaring them Im not running the risk of my mortage provider findiing out and it hurting my creidt rating moving forward, is it even worth the risk? I'd be inclined not to take the risk but without the nixer income things are barely above break even. Any help or advice would be greatly appreciated.

Regards,

Dave

As far as I know, unless you provide EBS with your bank statements, they cannot see the transactions on your account. But open to correction on this.

I don't know how this could effect your credit history - could you under-estimate the nixer income a bit? That way you are satating that there is some irregular income coming in (but not enough to enable you to pay the capital + interest of the mortgage)
 
@moneyhoney - Cheers for the feedback. I've decided not to take on the nixers as there is the risk of ESB asking to see my statements and me having to explain myself. The safest thing to do at the moment is to avoid it just in case they do ask for statements in a few months time.

@Mr DT - Nixer is a coloqual term used to describe a job that is done for cash typically its illegal but it can also mean a small job that is done for cash
 
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