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Accountant qualifications for mortgage

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Hi everyone

 

I have ltd company using accounting company ltd.

I am in process to do porting of my mortgage with Santander. Bank requested accountant signature with his qualifications on my accounts. Accountant manager saying that his company has no license to put his name on requested documents. Santander won't process porting without his signature.

 

What to do?

Is that normal that accountant refusing to sign under accounts?

Please advise.

 

Regards Jo

Replies (17)

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By SXGuy
25th Aug 2020 12:01

Go elsewhere for a mortgage. Or inform santander the legal requirement is a tax year overview and sa302 as recognised by hmrc and pretty much every other bank.

BTW, santander accepted mine with no signature based on the above.

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By Joannadoby
25th Aug 2020 12:06

He said that he is high qualified but it is not legally to sign when he is working for ltd company without license.

Without his signature I have to have to pay £4000 early repayment charge to bank and find a new bank for mortgage.

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Replying to Joannadoby:
Red Leader
By Red Leader
25th Aug 2020 12:10

Joanna Dob wrote:

He said that he is high qualified but it is not legally to sign when he is working for ltd company without license.

Without his signature I have to have to pay £4000 early repayment charge to bank and find a new bank for mortgage.

Is your accountant cheap? How much is he charging for your accounts?
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Replying to Red Leader:
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By Joannadoby
25th Aug 2020 12:11

He is with my company over 10 years, I paying £100 plus vat monthly

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Replying to Joannadoby:
Red Leader
By Red Leader
25th Aug 2020 12:21

Hmm. Odd that he's not "licensed". Get him to explain what he means by licensed.

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Replying to Joannadoby:
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By Southwestbeancounter
25th Aug 2020 13:31

When you say he is 'with my company over 10 years' are you talking about an internal accountant working for a firm or an employee working for an accountancy practice rather than an accountant who has a practising certificate himself?

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Oaklea
By Chris.Mann
25th Aug 2020 12:22

This could be useful

https://www.gov.uk/government/publications/mortgage-providers-and-lender...

I had a similar experience, with Santander, only yesterday. It would be helpful if these mortgage providers employed joined up thinking, in addition to demonstrating responsible lending.

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Replying to Chris.Mann:
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By Joannadoby
25th Aug 2020 12:28

The same accountant said that sa302 should be enough.
Did Santander accepted sa302 ?

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Replying to Joannadoby:
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By Paul Crowley
25th Aug 2020 12:59

SA302?
Only available if taxpayer uses HMRC freeware

Accountants tend to use commercial software

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Replying to Paul Crowley:
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By SXGuy
25th Aug 2020 16:01

Every single commercial accountant software I've ever used produces sa302's and every lender I've provided them to have accepted them with no questions. So unsure where your coming from.

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By SXGuy
25th Aug 2020 12:37

Santander are well known to try any excuse to get you to pay the early repayment fee. Just do a Google search and you'll see they do it to everyone.

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By jwgrogan
25th Aug 2020 13:29

Council Of Mortgage Lenders guidance:

"HMRC have issued a list of lenders or mortgage providers who accept a SA302 tax year calculation or tax year overview printed from online accounts or from the commercial software used to submit returns. The list can be found on the Government's website. "

However they also say:

"Most firms would like to see three years audited accounts though some lenders will accept just two years. If you haven’t been in business for long enough, the lender should accept a letter of confirmation from an accountant.

Firms will also want to see tax calculation form SA302 if you have earnings from more than one source or are self-employed, and self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements. "

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Replying to jwgrogan:
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By Southwestbeancounter
25th Aug 2020 13:33

'audited accounts'! Ha ha! The number of times a mortgage adviser has requested these from say a taxi driver or a subbie!

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Replying to Southwestbeancounter:
Oaklea
By Chris.Mann
25th Aug 2020 13:43

I've always looked on the phrase (mortgage and adviser) as an oxymoron.

Just saying....................

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Replying to jwgrogan:
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By Calculatorboy
26th Aug 2020 02:23

There those idiot lenders go again...audited accounts ffs, will they never understand

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Oaklea
By Chris.Mann
25th Aug 2020 13:40

Most self-employed individuals are able to rely on simply providing SA302 Tax calculations.

However, where the mortgage applicant, is a Director, possibly shareholder, of a limited company, the potential mortgage provider, in this case, Santander (other lenders are available), often requires additional information, as regards the company. This may take the form of an accountants report/certification and from what you're saying, this is the position, in which you find yourself in, at the moment? One wonders how you managed to secure mortgage lending, from Santander, initially?

Presumably your accountant doesn't hold acceptable qualifications? Acceptable, to Santander, at least?

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