Mortgage - 3 Years of Company Accounts as Deemed Self Employed??

elstimpo

amnblog wrote: »

Oh dear Elstimpo, it sounds like your Broker has not been direct enough with you causing you both unnecessary stress.

As has been mentioned above, it is common for a Lender to request company accounts where a borrower owns your level of the business. It is clearly possible in your circumstance for paye to be engineered to a level that suits you as a borrower but may be unsustainable for the business longer term. As a regulated business the Lender will have told the regulator that their policy is to mitigate that risk by viewing company accounts. They do not have the freedom to ‘take a view’ as other elements of the risk on the case look minimal. If they did, they could find themselves of the end of a slapping from the FCA.

Your choice is provide the Accounts or drop the application.

Thanks. Very frustrating process.

elstimpo

Somerset_La_La_La wrote: »

Dividends/salary payments to anyone, including yourself.

If you are making a £50 net profit each year but paying £20k dividends clearly it's not sustainable and being paid from credit (and/or figures manipulated).

Generally I find the people who get most upset are those where it's absolutely 100% above board and an amazing business and they're just offended we are asking for info (understandable to some extent) OR people who have something to hide.

I'm sure you're the former - and trust me it's an absolute nightmare when we get an application where the client thinks they are employed and the "rules from above" dictate that they aren't (% shareholding etc.) as the documentation requirements just go up and up instead of just "payslip".

I've had to ask for lots of info on a very very expensive property and I think it was 5% LTV in the end. The client wasn't amused, but was understanding in the end!

Thank you.

elstimpo

haras_nosirrah wrote: »

Saying company accounts is sensitive information is crazy. It is public information. Your accounts are on companies house and lenders who don't ask for accounts are still looking at them - they just go on the companies house website and look there.

You speak as if you know this stuff inside out when in fact you do not? Why? If you went to companies house and got my companies accounts you would be presented with an abridged version as that is all i am required to supply, not required to provide a director's report or profit and loss either.

What i am trying to ascertain right now is what '3 years of companies accounts' actually means to these lenders and if they require more detail than companies house requires.

Thrugelmir

elstimpo wrote: »

Thanks. Very frustrating process.

It's be as frustrating as you wish to make it. To everyone else just everyday business.

elstimpo

Thrugelmir wrote: »

It's be as frustrating as you wish to make it. To everyone else just everyday business.

Go away. I have no interest in hearing anything you have to say. Self important self appointed internet expert.