Accord Mortgages - Current timeline and supporting documents for Self-Employed applicants?

Mixedracewedge

Hi,

I hope you are well.

I've applied for a mortgage with Accord via our broker and our application was submitted on Friday 27th.

Both myself and wife are self-employed (limited company Directors) and have income from different businesses.

Our broker has asked us both to get an Accountants Reference completed (which has been done and submitted with the application) but i'm curious based on others experiences what other documents Accord may request or will they contact our Accountants directly with queries? If so, what additional information may they ask for?

We have submitted personal bank statements and business bank statements to the broker already.

Also, when will they start requesting documents, if at all?

Hoping to figure out when we will know if we have been successful and the anticipation is killing me!

Thanks in advance, 

DullGreyGuy

How long have the companies been trading? Any big movements in revenues/profits?

Our mortgage isnt with Accord but all our lender asked for were the statements and accountant form but our company has been trading for over a decade with level revenues/profits so much more simple than if it'd only been trading a couple of years with choppy numbers.

Mixedracewedge

DullGreyGuy said:

How long have the companies been trading? Any big movements in revenues/profits?

Our mortgage isnt with Accord but all our lender asked for were the statements and accountant form but our company has been trading for over a decade with level revenues/profits so much more simple than if it'd only been trading a couple of years with choppy numbers.

Thanks for the replies - my oldest company is circa 12 years old and my wifes circa 3 years.

We are however, applying based on our salaried/dividend income rather than a multiplier of Net Profit. 

kingstreet

I submitted an app to Accord at 3.13 on Friday and despite having sixteen documents to upload inc payslips, tax calcs/tyos, bank statements etc they were all signed-off and valuation instructed by 6.30 that night. 80% LTV. I even took a screenshot of the massive list of satisfied items I was so impressed.

Mixedracewedge

kingstreet said:

I submitted an app to Accord at 3.13 on Friday and despite having sixteen documents to upload inc payslips, tax calcs/tyos, bank statements etc they were all signed-off and valuation instructed by 6.30 that night. 80% LTV. I even took a screenshot of the massive list of satisfied items I was so impressed.

Thanks for the info, that's great and much appreciated. 

Hoping that my docs have been received and accepted to. 

I was advised that the valuation had been instructed but the estate agent hasn't heard as of yet but appreciate its early days!

In your experience when will they start requesting more info? We were not initially asked for payslips, tax cals etc. We have only submitted accountants references, personal and business bank statements. 

Many thanks 

kingstreet

As a broker I would anticipate the lender requirements and obtain everything they might request prior to submitting the application. I wouldn't get in a situation where I was going back and forth between client and lender.

Mixedracewedge

kingstreet said:

As a broker I would anticipate the lender requirements and obtain everything they might request prior to submitting the application. I wouldn't get in a situation where I was going back and forth between client and lender.

Thanks, I did ask him if we should just send everything and he told me that they prefer only requested documents to be uploaded and that by providing docs that they had not asked for could actually slow the application down....? 😬

kingstreet

I don't think that's how most of us operate. If you don't have all the docs likely to be requested you haven't fully evidenced how the application meets the lender's criteria. We are no longer permitted to issue speculative applications.

Mixedracewedge

kingstreet said:

I don't think that's how most of us operate. If you don't have all the docs likely to be requested you haven't fully evidenced how the application meets the lender's criteria. We are no longer permitted to issue speculative applications.

Ok, thanks. Let's see what they come back and request in that case. In fairness, my broker has all the docs (I just don't think he submitted) so I might not hear, he may well just upload them. Hoping to hear something this week anyway 🤞🏽

Mixedracewedge

Delighted to confirm that our mortgage offer came through today! 🥳🎊

In case it is helpful to anyone in the future

27/1 - DIP

27/1 - Application 
02/02 - Valuation
14/02 - Offer

Ours was a very complex case due to our income structure (a few different companies) and because our businesses were effected during COVID. 

We were required to submit quite a few additional documents on 3 separate occassions

Anyhow, we got there in the end thankfully!