They won't provide you a mortgage. Simple.what would be the consequences if I ignore this request and don’t provide any more information?
You made a loan application that you didn't proceed with. How could that reflect badly?@huskerdu and @RedOnion - I'm afraid that if the bank refuses our mortgage application it will show somewhere in our records and may cause problems in future.
But I feel that asking for copy of the sale document is just too much.
You think it's an invasion of your privacy?
Or you won't be able to track it down?
I am not au fait with the finer details of the money laundering legislation, but none of what they've asked for sounds unreasonable. They may be obliged to ensure that you are not a front for another person or entity abroad.
The Central Bank have been busy auditing most banks & financial services companies for anti-money laundering (AML) requirements over the past 18 - 24 months. Source of funds & source of wealth have been a major focus of these audits. Also as I understand not all institutions have been audited just yet.
Putting two & two together I’d imagine this is where this requirement is coming from for the second provider.
I’ve been told that the CB haven’t been much help in setting out guidelines in terms of where additional evidence is required so we are seeing quite a few variances between requirements from providers.
if the bank have asked for additional evidence of SOW it will be quite hard to get that waived.
It has not occurred to me that I could be suspected of any sort of money laundering involvement and yes, I perceived this request for 3+ years of statements and a copy of the property sale document as an invasion of my privacy. Also, perhaps in my naivety, I I felt slightly insulted with this lack of trust after weeks of sending to the bank all and every single piece of information they have requested.
but if the bank insists on the copy of the contract, this would mean hassle for me and quite a bit of expense as it would need to be translated to English
The existing deposit funds should never pass to the new bank?. They'd go to purchaser via solicitor.and the new back needs to satisfy current regulations before it can accept these funds
The existing deposit funds should never pass to the new bank?. They'd go to purchaser via solicitor.
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