what does this mean please??

silvercar

Normally mortgage lenders will ask for 2 or 3 years of accounts or sometimes letters from their accountants. In your case that doesn't work as you presumably produce your own accounts. So the broker is asking the lender to accept your inland revenue letter. I guess the "good word" is persuading them to accept the in land revenue letter. It seems reasonable as, if the IR accepts your submissions there is no reason for the mortgage company not to. It's just not the standard way, so the underwriters will take a view.

Doozergirl

mortgage-advice wrote:

doozergirl what do u mean when u say "shes having to put in a good word for you" ??

Thanks

We're out of the norm too, so sometimes our mortgage broker has to do a bit of explaining for us. I know mortgage companies have asked questions in the past, but we've never had to go back for more information etc.

dkny_2

silvercar wrote:

Normally mortgage lenders will ask for 2 or 3 years of accounts or sometimes letters from their accountants. In your case that doesn't work as you presumably produce your own accounts. So the broker is asking the lender to accept your inland revenue letter. I guess the "good word" is persuading them to accept the in land revenue letter. It seems reasonable as, if the IR accepts your submissions there is no reason for the mortgage company not to. It's just not the standard way, so the underwriters will take a view.

Do u think this would be ok, the inland revenue said that the lenders dont understand the meaning of self employed and havin a "company", I do not run a company just a self employed accountant meaning on my own does this makes sense? is this the way the lender looks at it?, surely they cant just decline it over this do u know? everythin else seems fine.. i dont know what else to do...

dkny_2

Doozergirl wrote:

We're out of the norm too, so sometimes our mortgage broker has to do a bit of explaining for us. I know mortgage companies have asked questions in the past, but we've never had to go back for more information etc.

doozergirl what is your situation like please if u dont mind me askin? is it like mine?

silvercar

I submitted my online tax return hard copy to justify my earnings. This was accepted by the lender, after going to their 'higher level underwriting dept'. These days the lenders have procedures in place, so anything outside the norm gets referred up to a level where decision makers actually read applications as opposed to boxes being ticked.

Doozergirl

dkny wrote:

doozergirl what is your situation like please if u dont mind me askin? is it like mine?

We'll have only just been trading for three years in January and the situation is that complicated we've had to self-certify and pay more interest, basically.

Your situation makes sense to me, but it won't make sense to the mortgage company's computer, so 'Computer Says No'. Probably just a simple case of a real person having a look and overiding the system.

mi-key

OP - I dont really understand what your situation is ??? are you a sole trader or a ltd company ???

If you are a sole trader, and self employed ( like me ) then if you dont have certified accounts, or the lender wont accept them, then you can use your tax returns as proof of income ( the actual tax demand that is sent out by the IR once you give them your accounts ).

I had to do this as I dont have three years accounts, and do my own so they arent certified, and the two lenders I was dealing with were both fine taking the tax demand letter as proof of income as it showed what I had made in the past financial year.

Didnt have to go self certified or mess about showing that I pay my NI or anything else, so I dont know if this may be a better option for you ?

dkny_2

Hey guys thanks for your replies...

Well ... what can i say..
yesterday was a complete nite mare over having to prove im self employed etc.. after sending inland revenue letters, trading in name and having closed 4 credit cards we are finally gettin somewhere... i was so sov p!ssed off that i sent them an email saying that we have basically come this far and with everythin i have provided and been compltely honest you still wont except what u originally asked for - they kept pushin the goal post basically.. anyways i told them straight up that if u dont give me any update or an offer by 4.00 friday i will be goin to a different broker... so to cut a long story short today they have offered a mortgage - i know its over the fone... ive scanned them the account notices of them being closed so thats what they wanted and im gonna wait and see... my mortgage broker was workin with another person but somewhere along the line the wires seem to have been crossed or summin but everythin looks better now.. so am hopin and tryin to keep positive... will let you guys no... thanks again... i was initially very excited about all this but not to sure any more.. but when i think of the new house it makes me smile and makes it worth while... good luck to veryone goin thru this - its not all fun is it...i know they are just tryin to their job, but when u give them everythin they have asked for and then say o i dont think thats acceptable can u provide this and this... thats when u get really annoyed..anyways better close.. thanks again