Self employed mortgage request

flimf

Hi all

Whenever I've been searching for info regards to my mortgage it's wound up here, so I thought I'd ask what you'd do in this pickle.

I file my tax return each year, MYSELF. I don't use an accountant, my business is very straight forward hence why I file it myself.

Having applied for a mortgage I sent in my SA302 forms, tick. But now they're wanting an accountant's certificate to confirm that my SA302 forms match my accounts. I've spoke to a number of accountants to see if they can verify that my accounts match my SA302s and then fill this form in. I've had a number of responses from 'I'll have to re-do all of your books for 3 years' from laughing in my face, to 'any qualified accountant would not sign this off', a few have asked to see the form in question and write a cover letter to go with it. But I still feel like they shouldn't really be doing this if they haven't filed my accounts themselves.

Bit of a pickle, I'm sure it will get sorted. Hoping to hear from the mortgage lender today!

Pixie5740

Are you applying directly to the lenders or using a broker? I'm self-employed and looking to get a mortgage later this year and I'm using a broker. I've found that going to lenders direct is ok if you are an employee using PAYE but anything out of the ordinary throws a spanner in the works. Using a broker is taking a lot of the stress out the process for me.

flimf

Luckily I have an AMAZING mortgage adviser doing all the work for me. It's just frustrating as the SA302 isn't good enough on it's own. In limbo waiting to see what I can do. I've had a number of accountants say they're happy to type up a thorough letter in replace of a certificate. Who knows, will just have to wait and see. We're on week 5 now, hopefully they'll put the survey through for next week.

kingstreet

Which bunch of clowns want SA302s and accounts for the same application?

Does the lender's name begin with "A" by any chance?

Is there something wrong with the SA302s, or do you have a short trading history or need a projection for the year just gone?

flimf

Leeds.

Nothing wrong with my income or SA302s, been trading for ten years, because I don't use an accountant, they want an accountant to confirm my income. The sheet I have to fill out refers to me as their client, when technically, I'm not.

Because of all this hassle, I shall be using an accountant for my next year end onwards. It's not worth all this trouble, esp when I come to remortgage etc

kingstreet

Ah, I understand now.

Leeds does not normally request SA302s, it requests signed accounts or a certificate.

The criteria says it will request SA302s as well as accounts if the accounts aren't signed or prepared by a qualified accountant;-

http://www.leedsbuildingsociety.co.uk/_resources/pdfs/intermediaries-pdfs/mortgage-lending-criteria-and-guidance.pdf

See pages five and six.

I would have avoided Leeds, personally.

flimf

When we applied they stated to us that an SA302 would be fine for me.

We have progress anyway, my M.A managed to speak to a member of Leeds face to face and they are fully aware of this problem as they've had a number of other applicants struggling to get it sorted. They have confirmed that a partially completed accountant's certificate and a covering letter will suffice.

kyana

i just went into nationwide and got given a print out that says 2 sa302s are fine but the DIP says we need an accountant's certificate, so i think it's always worth checking as it would seem not everyone is necessarily aware of alternatives to the certificate

pcgtron

I've always got a mortgage with just my SA302s

flimf

They've seen the light and SA302 forms are fine on their own, huzzah. Just had some additional questions to answer about my business now and the valuation has been instructed.