Hodling Bitcoin May Be Best If You’re Looking for a Mortgage

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Hodling Bitcoin May Be Best If You're Looking for a Mortgage

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According to a post on the Reddit forum r/btc it appears that mortgages may not be quite so easy to acquire for those with a cryptocurrency selling history.

For those who made substantial profits from trading cryptocurrency in last year’s bull market, buying a property may be a viable proposition. Reportedly, this investor came across problems with his bank when applying for a mortgage loan.

The person in question applied for his loan at the PNC bank but was reportedly refused as his funds were derived from the sale of cryptocurrency. PNC’s website states:

“For more than 160 years, we have been committed to providing our clients with great service and powerful financial expertise to help them meet their financial goals. We are proud of our longstanding history of supporting not only our customers but also our communities, employees and shareholders.”

Not for those that need to make up some of their loan shortfalls with crypto, if the story is correct. Reddit user fojawi claims:

“I sold some coin in December, and I have jumped through tons of hoops, unrelated to Bitcoin, while getting a traditional mortgage with PNC — They didn’t mention Bitcoin as a concern at all during the entire process.. after I make all the concessions they want, answer all of their questions, they admit they were throwing up these walls because some of the source of funds for the down payment is Bitcoin.”

Apparently, such issues are not uncommon. Bitcoin.com explains that according to a broker from House and Holiday Home Mortgages, Mark Stallard, one individual he was working with, had accumulated GBP 40,000 from Bitcoin investments and Stallard had difficulties with lenders. He claimed:

“The first mortgage lender I rang asked me what a cryptocurrency was. I rang two other lenders and they said they would not touch it.”

He continued, “When I mentioned where the money had come from there was massive reluctance to help or understand the problem. I do not believe the mortgage providers, in general, are ready for this issue and research tells me that a lot more people will be knocking on our doors with funds made or raised in this fashion.”

There appears to be no problem for those lucky ones that don’t need to plug a financial shortfall. Properties and luxury items are changing hands frequently across the globe with major digital currencies such as Bitcoin and Ethereum being happily accepted.

Some mortgage givers have no problem. UK’s Skipton, Yorkshire, and Coventry Building Society say they will accept funds derived from cryptocurrencies after thorough ID and verification processes have been carried out. For some other lending institutions, it seems that money laundering fears are still an issue.


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