How long can I use my 2016 accounts?

Glover1862

I’m looking to remortgage to Coventry Building Society and I’m thinking of doing it early, i’m a director with more than 20% share, I have the following:

Year ending 31 Dec 2016 - full set of accounts
Year ending 31 Dec 2017 - accounts not done, have until Sept 18 to file.

I’m a little confused by CBS requirements as below - until which month or how long can I use my 2016 accounts?

From CBS

Accountant's Certificate covering the most recent two years' accounting period.

Latest financial year on documentation should be no older than 12 months at the date of application.

The Accountant's Certificate may show a latest financial year up to 15 months old at the date of application when supported with 6 months' personal bank statements.


https://www.coventrybuildingsociety.co.uk/intermediaries/lending-policy/residential

ACG

You have a lender in mind, why not get the answer directly from them?

YHM

I would assume your first year detailed above is for the tax year ending 04/16. If so, this will be out of date now.

Lenders like to see timely submissions for YE, not just waiting for the full HMRC window to be exercised.

Mortgage_Adviser

Based on the info abocer, your lates financial accounts available are now 13 months old meaning they are too old

Glover1862

YHM wrote: »

I would assume your first year detailed above is for the tax year ending 04/16. If so, this will be out of date now.

Lenders like to see timely submissions for YE, not just waiting for the full HMRC window to be exercised.

Thanks, but 31 dec 2017 was only last month, so not unreasonable to take some time to produce them, I can’t see how my YE 2016 can be out of date. I’m talking about Limited company accounts not self assessment.

YHM

I'm aware of which type of accounts you are referring to.

How your accountant runs your tax year and calendar year, is for you and your accountant to sort, but lenders will generally work on tax years. They will want to see YE 2017 as a minimum.

As above, you've self selected a lender. Why not just ring them?

Glover1862

Mortgage_Adviser wrote: »

Based on the info abocer, your lates financial accounts available are now 13 months old meaning they are too old

That’s a pain, my accountant is so busy with SA this month, he said leave it a couple of months, no rush!! Seems unreasonable to anyone applying in January, they just can’t be supplied in days.

Would this not apply:

The Accountant's Certificate may show a latest financial year up to 15 months old at the date of application when supported with 6 months' personal bank statements.

Glover1862

I did ring then but they couldn’t really explain it and basically read out what’s on the website, thought I might ask for some clarification here.

YE 2017 accounts is a pain, I’ve got a VAT Qt which is both 17/18 so need to do that first, hard work this for the self employed!

ACG

Glover1862 wrote: »

That’s a pain, my accountant is so busy with SA this month, he said leave it a couple of months, no rush!! Seems unreasonable to anyone applying in January, they just can’t be supplied in days.

Would this not apply:

The Accountant's Certificate may show a latest financial year up to 15 months old at the date of application when supported with 6 months' personal bank statements.

Tell your accountant you want accounts for a Mortgage. If he can not do them, find a new accountant. My accountant was emailing me information from his jollies when it was something important - if it was general questions he would leave it until he returned but a Mortgage is quite important. The SA deadline is today, there will be some over run but in the main it should mostly be done by midnight tonight. Why would you need to wait months.

In terms of the second part of your post...call Coventry. If you were my client, I would be doing exactly that.

Edit: If they can not explain their own criteria, you need to ask them to put you through to someone else who can...and then they need sacking/re-training.

amnblog

You might get Coventry to accept the 31/12/2016 figures if backed with 6 months personal bank statements showing income coming in but good luck with that one.

My feeling would be that both your timing and choice of lender could use some re consideration.

YHM

amnblog wrote: »

My feeling would be that both your timing and choice of lender could use some re consideration.

As well as choice of accountant...