Morning So I'm going for a mortgage. I'm qualified accountant and i often fill in mortgage certs for clients. I trade through limited co. The mortgage people want an accountants cert. I said I do my own accounts. With an accountants cert they only want 2 years sa302s and copy of accounts. Without, they want three years accounts, three years sa302s, copies of company bank statements (12 months), cross checked to personal bank to show the money movement. And that's just for starters. Ok, so it's all there and a lot of work, but it's a right pain. I want to borrow only 50% of property value, And on the income "multiples" I want to borrow less than half what I could borrow. So what do you guys do about this situation? Get another accountant to do a cert? Or wade through it all for yourself? Many thanks
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I have had this
and after I had told them that I was quite capable of providing my own reference and that if I deliberately got it wrong, I would be chucked out of the ICAEW, they relented.
Bear in mind that most mortgage lenders are reading from a script anyway. Ask them if they have any rules preventing you personally from giving an accts cert on your own Ltd Coy. After all, they are two separate legal "persons".
Alternatively, do you not know another qualified accountant near to you?
Why do they want SA302s and a certificate. I have not come across this before, it is normally one or the other.
I have recently provided a cert for my business partner who is co-director of our Ltd Co which was accepted
Perhaps you need to look at changing lenders
When this happened to me...
I just went to another lender.
I've just been though something similar with a client where the wife works for the company and is a shareholder but doesn't need to do a tax return. The lender said they couldn't lend unless they had a SA302 for her, so the client asked me to do a tax return for her. I told him to stop being silly and he went to another lender.
Billy No Mates?
Don't you have any mates to do this for you? How about the people who will take over your clients should you get hit by a number 7 bus?
If they want a signature, just get them one. Nigel Burge is right - these are jobsworths reading from a script. Did you know that, asked why he put his signature to the Munich Agreement, the Fuhrer is on record as saying that Herr Chamberlain badly wanted him to sign, so he did so just to make Herr Chamberlain happy.
Alternatively, try Virgin Money. Branson takes a fairly liberal view towards high fliers.
Sign your own certificate
They are only ticking their boxes, intelligence not being used in this process.
Just sign your own certificate, dont see anything wrong with that and they can happily tick their box and carry on to the next pointless question.
Agreed
It sounds wrong but having told the lender of my situation I gave them my firm's name and they duly wrote to me for the reference. I rationalised it on the basis that the firm and I were separate legal entities. No fraud intended or perpetrated as full disclosure was made.Just sign your own certificate, dont see anything wrong with that and they can happily tick their box and carry on to the next pointless question.
As an ACCA ...
... I have an alternate agreement with another ACCA, we do each others certs if required!
LOL
Get your Mum to be an accountant for half an hour or so!
Alternatively just stamp the form yourself and don't draw attention to it or Change lenders they usually require accounts OR SA302's not both.
If you have an accountant you won't have SA302's, they have to be specifically requested if the IFA don't know what he's doing.
Why not talk to your own bank about this. They [presumably] know you well and won't need all that bumff. This is what I did and I do my own accounts. Just a thought providing your bank can match the mortgage from other lenders
Had a similar
problem a long time ago when things were easier than now. Having asked the jobs worth why I should pay AN Other when I can do it myself they relented. Oh and they wanted audited accounts as well when legally I did not need an audit. Why don't you see if you can go round the numpty to someone higher up the food chain who may have some sense.
numties
Could be worse the C&G said they did not like my reference because it wasn't on their form, with no disclaimer!
My reply to the stuck up madam was "Oh dear"
"well what are you going to do about it"
"me Nothing"
Client changed lender and all was fine.
So silly
Yes I had this a few years back. I just presented them an accountants certificate prepared for my company by me! As someone said no thought process at all, just them ticking boxes.
I am seeing more and more cases recently where they are asking for SA302's and Accountants Certificates too...