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Level of accounts required (self employed/partnership)?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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cgray25cgray25 Forumite
103 Posts
Part of the Furniture 10 Posts Combo Breaker
edited 30 November -1 at 1:00AM in Mortgages & Endowments
I'm in the process of moving, offer accepted and my own house conditionally sold - in what I thought would be a minor hurdle, I'm now trying to port my mortgage with Santander.

I submitted my accounts as forwarded by my chartered accountant, however, Santander are telling me that the signed profit & loss summaries are not acceptable. My accountant said this is ridiculous as P&Ls been fine for every other use in relation to our business for the last 40 years.

Are the accounts criteria the same for all lenders now, or are Santander just being particularly fussy? Despite not being the cheapest, I was going to stay with them as I thought it'd be less hassle, apparently I was wrong :mad: Thinking of going elsewhere now but wanted to check this.
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  • ThrugelmirThrugelmir Forumite
    81.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What information do Santander wish to know? Is more to the point.

    New rules are in place and lenders are implementing them as they think fit.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • cgray25cgray25 Forumite
    103 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Hi Thrugel - I know, my great timing! They wanted 'structured accounts'.
    I was already on a tight timescale and had to get the accountant to do 2013-2014's accounts ahead of schedule just for this and now they're telling me they're not acceptable...and my accountant's just left on holiday for a week!
    something missing
  • amnblogamnblog Forumite
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    They want full accounts.

    They are not unique in being more thorough.

    You may be able to satisfy them with SA302s.

    PM me for more detail.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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