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ICAEW membership / mortgage references

I have been a member of ICAEW for 37 years and am thinking of resigning at the end of this year to save wasting any more money. The only benefit my clients receive from my membership is when I sign mortgage and loan applications and it asks for qualifications. I recently signed one for Abbey where the only acceptable qualifications shown on the form were ICAEW and ACCA.

What do accountants not members of professional bodies do in this situation ? I do not want to prejudice my clients but neither do I want to remain with ICAEW/
Frank

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Risk
I assume anyone doing such references use the Institute's standard wording disavowing any liability at all and has checked their PI coverage for this work.

Certainly in the US lenders have gone for the referee when the borrower defaults and a UK lender may do the same.

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Mortgage Ref
I am a IFA member in Practice. I have never had a problem, but then none of my clients have ever used Abbey because they are a terrible mortgage lender, and my clients get better and more flexible deals elsewhere. I have a few very high earners, so I have done references for loans up to 1m.

Oddly enough I have a Abbey Business Manager who happily accepts introduced Business accounts from me and ensures they are processed quickly without any fuss.

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My apologies to all CIOT members.

Abbey currently states though that only ICAEW/ACCA can sign off mortgage references.

Claudia

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CIOT...
... is "Chartered"!

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Yes they do
Yes - the AAT also have a list of lending organizations that are prepared to accept their accounts. The list though seems to be secret squirrel to only members!

Abbey National is one that is not on the list, and talks are currently underway to try and rectify the situation. Abbey forms currently state that only "chartered" is acceptable - not CIOT/ATT.

Claudia

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ATT
Join the ATT!

http://www.tax.org.uk/attach.pl/528/3540/Mortgage%20Lenders%20accepting%20members%20ref-%20for%20update%20exercise%202.pdf

From the link it looks as though most lenders accept references from ATT members. Do AAT members have a similar arrangement?

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Mortgage refs
I am a non-qualified with a background working in the Revenue and then in a firm of CAs. I have been self-employed for ten years and must have done a dozen or so mortgage references every year without a problem. I usually do a covering letter to explain the situation and sometimes the lender wants an SA302 to confirm Revenue agreement to our figures.

We only deal with low income self-employed individuals so this experience does not cover ltd companies or partnerships or high earners - I imagine lenders would be stricter for such cases.

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