SA302 or Chartered Accountant?

littlesaint

My husband and I have an offer put in on a house and are waiting to hear if the vendor will accept. If the vendor does accept we want to be able to move quickly so she sees that we mean business.

I am self-employed and have two years worth of accounts with SA302s. I am just about to do my 2011/12 accounts which will take me to three years, but I am holding off for two reasons:

1. I am waiting for a P60 from one of my clients who pays me through PAYE.
2. I want to know whether the lender I chose would prefer an SA302 or accounts signed of by a Chartered Accountant.

We have an AIP from a mortgage broker for the amount that we want to borrow. We could go through the broker but I have seen that Post Office have better deals and lend to self employed people with 3 years of accounts.

I'd like to know whether that is based on SA302s or whether they need something else. Has any self-employed people had experience of getting a mortgage through Post Office and what documentation did you need?

I just need to know whether I should get on and do my accounts based on my final payslip for the year so I can request a SA302 ASAP. Many thanks.

Dave_Ham

Post Office are pretty selective (hence the market leading rates)

Sometimes they appear to take a like or dislike to a case and then choose what they want..

I have had clients where they have asked for last 3 SA302s, in opposition to anything else..

They are pretty good to talk to though, so may bee worth giving them a call as their criteria does vary based upon the loan to value etc.

littlesaint

Thanks Dave. I'll give them a call either tomorrow or Tuesday to find out what is the best approach.

Dave_Ham

Word of caution, unlike many lenders they tend to take valuation fee and instruct upfront. Would ask them to delay valuation for a few days and get underwritten first..

All the best...

littlesaint

Hi Dave,

Sorry if this sounds thick but what do you mean by underwritten?

Thanks

ACG

Underwritten is when the underwriters - the people that look at your application and all the information provided (credit searches, accounts, bank statements etc) - check whether the risk falls within their criteria or not.

ie - From a risk perspective, is it a safe bet for them to lend you £xxxx.

Dave_Ham

No worries - I mean let them have a look at your case and check they are happy in principal..

Let them check they are happy with your income specifically in this case..

littlesaint

Ahhh. Now I understand. Great tip. Thank you!