Self employed , lender asking for more documents

COYI123

Hello everyone , we currently have an application in with accord , we submitted this 2 weeks ago via a broker . I’m employed and partner is self employed . Everything such as valuation , credit check , etc , has been done and is fine , but they have asked today if my partner has her 2022/2023 tax calculation already , but my partner has not done it yet as it’s not due until January , and she is still yet to work everything out of what she has earned . The worry is , that we need this application done asap as we need to try and complete in the first week of July if possible . If my broker goes back to the lender and says the reason why we don’t have it yet , what do you think there response would be ? 

Thanks in advance 

MWT

It is not unreasonable for them to be asking for this 2 months after the year end, and I wouldn't suggest you phrase it quite as you did if you go back with that excuse as it doesn't show a strong grasp on her business if she is uncertain about what she has earned...

How many years accounts was she able to provide? .. and was the most recent year she gave them better than the preceding years?

It may be that they are looking for confirmation of a recovering and improving business that they can't see without the latest accounts...

COYI123

MWT said:

It is not unreasonable for them to be asking for this 2 months after the year end, and I wouldn't suggest you phrase it quite as you did if you go back with that excuse as it doesn't show a strong grasp on her business if she is uncertain about what she has earned...

How many years accounts was she able to provide? .. and was the most recent year she gave them better than the preceding years?

It may be that they are looking for confirmation of a recovering and improving business that they can't see without the latest accounts...

I get that , but it’s not due until January . A lot of people , are used to doing it later on in the year . I’m just wondering what they would say . My partner has roughly worked it out and it’s the same as the previous year . She has 3 years of accounts before this year and each year gets better 

MWT

Hopefully it will not be a problem with three prior years showing increases as long as the affordability isn't tight.

I know that HMRC does not require the accounts before January, but when applying for a mortgage many self-employed will do their best to get current accounts prepared earlier than usual, especially if they show continued improvement...

simon_or

As we're only in June, I don't think it should be a problem. In past applications where I don't have the tax return for the latest year yet, the bank has usually asked for 3 months business bank account statements to check and confirm that it's still getting income. So perhaps they might ask for that if they haven't already.

se2020

January is the final deadline. Not the due date!
The paperwork should really be up together enough that submitting the tax return should take half an hour at most.

I'd just get it submitted so you can send them what they want before they start digging any deeper...