Accountant needed for mortgage application?

Ginger_Winner

I am currently in the process of applying for a mortgage with The Coventry. Whilst I have satisfied their loan criteria for income, I do have a slight issue as they are insisting on an accountant's reference for my Limited Company accounts.

My problem is that I have completed the accounts myself (it is a very small company - just me), submitted them to companies house and also filed the CT600 tax return.

I like to complete the accounts myself for several reasons, but clearly if I had realised that doing so would jeopardise my mortgage application then I would have used an accountant.

Can anyone advise of a potential way around this?

kingstreet

Will Coventry accept SA302s/tax calculations with tax overviews to prove your income if you are unable to provide acceptable accounts or Accountant's Certificate?

Ginger_Winner

kingstreet wrote: »

Will Coventry accept SA302s/tax calculations with tax overviews to prove your income if you are unable to provide acceptable accounts or Accountant's Certificate?

No, They have my SA302's but as they show that a portion of my income comes from dividends from my limited company they have asked for a copy of the company accounts and subsequently for the accountant's details so that they can obtain an accountants reference.

kingstreet

Sorry, nothing else to suggest if you are determined to do this with Coventry.

Only other option is a lender without this requirement.

amnblog

Coventry will always ask for Accountants Reference for Limited Company Directors - it is their policy making them the wrong Lender for this situation.

Ginger_Winner

amnblog wrote: »

Coventry will always ask for Accountants Reference for Limited Company Directors - it is their policy making them the wrong Lender for this situation.

Thanks for the reply...

Do you know exactly what would need to included in this reference? I am prepared find an accountant, if it's possible that they can provide a reference to completed accounts...

Also - do you know which mortgage companies don't have this requirement?

amnblog

Ginger_Winner wrote: »

Also - do you know which mortgage companies don't have this requirement?

Yes, but we cannot suggest Lenders on this blog due to regulation rules.

kingstreet

Ginger_Winner wrote: »

Do you know exactly what would need to included in this reference? I am prepared find an accountant, if it's possible that they can provide a reference to completed accounts

Similar to this;-

https://www.santanderforintermediaries.co.uk/downloads/1044

amnblog

Asking an Accountant to provide a reference when they have no practical understanding of your business may just incur cost to no result.


Is there any reason why you cannot just switch Lender?

Ginger_Winner

amnblog wrote: »

Asking an Accountant to provide a reference when they have no practical understanding of your business may just incur cost to no result.


Is there any reason why you cannot just switch Lender?

The Coventry have the best terms whilst providing the the equity release that I require. As with all mortgages - my choice is purely a financial. If I can get over this hurdle then the accountancy cost should be insignificant in the context of the overall mortgage...

If, however, I can't get passed this then of course I will look to another provider. I think that what I really need to make this decision is a copy of The Coventry's accountants reference form similar to the Santander one that kingstreet kindly posted...

kingstreet

Equity Release?

Coventry doesn't offer Equity Release.

Are you confusing this expression with "capital raising" or "remortgaging for debt consolidation" the usual terms for borrowing more on a secured basis?