Level of accounts required (self employed/partnership)?

cgray25

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.

Thrugelmir

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.

cgray25

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!

amnblog

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.