How long can I use my 2016 accounts?

Glover1862

amnblog wrote: »

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.

Thanks, I’ve actually called them again and they checked with an underwriter this time, I can use 2016 with 6 months bank statements, why do you say good luck with that, it’s what they ask for?

My LTV is about 20% and I’ve got a btl mortgage with them so hopefully they’ll be ok. I want to use them as they have a fairly unique offset product, I have £60k in saving earning me nothing, they do flexx offset 1.84% for the full term, i want my offset balance to eventually equal the mortgage, i’ll be able to do that in 3 to 4 years, I plan to keep the cash there in case I ever need the money, i’ll Effectively be mortgage free but have funds available should I need them. I can’t see another lender who has a similar product.

ACG

Sometimes a lender saying they will do something and them actually doing it are poles apart. I always remember having a similar argument with another lender where everything was within criteria but as it was pushing the boundaries over a few things, the underwriter declined the case, no amount of arguing could get it overturned.

I have no idea what Coventry are like personally as I have not used them for around 3 years. At 20% LTV and an existing customer you would expect them to look at things in a fairly accommodating way, but sometimes underwriters surprise us.

Thrugelmir

Glover1862 wrote: »

Thanks, but 31 dec 2017 was only last month, so not unreasonable to take some time to produce them, I can!!!8217;t see how my YE 2016 can be out of date. I!!!8217;m talking about Limited company accounts not self assessment.

As a director of a limited company you'll know it's one of your responsibilities under company law, is to know the up todate financial position at any time. Preparing accounts should therefore not be an issue. A totally different matter to filing of same.

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Glover1862

Thrugelmir wrote: »

As a director of a limited company you'll know it's one of your responsibilities under company law, is to know the up todate financial position at any time. Preparing accounts should therefore not be an issue. A totally different matter to filing of same.

Totally irrelevant for mortgage purposes, a mortgage company don't give a rats backend if I know the numbers or not, they need to be fully audited accounts done by qualified person, that's not me.