Query on loan requirements

[Tightfist]

Hello,

My husband is retired and with a good pension. He is applying to the bank for a car loan. We are planning to pay back the loan from the pension but the bank have come back requesting 3 months of my bank statements (I am in full time employment.) Are they entitled to ask for this even though I am not applying for the loan?

The bank is the bank that gave us the mortgage, so they have all records to indicate that we are good borrowers (have never missed a payment, we have equity in the house, etc.) I do not have anything to hide my finances are clean. But I do not like the idea of giving my bank statements willy nilly.

Your comments on this will be appreciated.

 

[Crugers]

...
He is applying to the bank for a car loan.
We are planning to pay back the loan
Are they entitled to ask for this...

So "He" is applying but "We" will repay...
I suppose the bank is exploring the capacity of "We" to repay.

"Are they entitled" - I doubt if there is an entitlement to ask for anything...

They can ask for anything they like!
Can you refuse to supply - of course you can!
Will the application be successful without supplying all the information that they choose to request... I doubt it!

 

[Tightfist]

Hello,

Thank you Crugers.

That is exactly what I thought! The worst that can happen is refusal and since we are not in urgent need of the loan, if the bank refuses... well, they lose the chance to make a few pounds on the interest.

 

[Crugers]

...The worst that can happen is refusal...

Eh yeh but next lender might ask "Have you ever been turned down..."