Council of mortgage lenders agreement

Council of mortgage lenders agreement

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After another deluge of requests for SA302s in support of mortgage applications, it seems if the council of mortgage lenders did agree to accept system generated SA302s with tax overviews they didn't bother to inform anyone of it.

It does seem that you can get through the early stages of the applications but the final stage always seems to involve actual SA302 certificates directly from HMRC (or Inland Revenue sic), dated within the last 6 weeks and printed with the blood of a virgin.

The only real change I have noticed is that they now insist on the tax overviews in addition to the rest.

Is it worth arguing the point regarding the agreement?  

Replies (6)

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By justanaccountant
01st Apr 2016 11:42

Chap down the other end of the office has spent hours going between the client and the bank trying to dispprove their existence. Think he finally got through to Barclays that they don't exist so they may settle for an overview but it was a long old slog to get there.

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By free-rider
01st Apr 2016 11:50

Was asked to provide SA302 & Tax Year overviews for one of the clients who is currently in a process of getting a mortgage.

Did ask him straight away to contact the bank (Santander) and double check if they require hard copies from HMRC or the print outs from my software will do it (was with BTC and switched to Taxfiler in Jan 16, but still have valid BTC licence running till late April).

He just got back to me saying that his mortgage adviser in Santander has sent him a link to the gov.uk list of approved SA software providers and said that the bank will accept SA302 produced by any of the software on a list.

I almost felt of my chair when saw an e-mail. First sensible Lender who knows what the commercial SA software is!

Lets hope I`m not daydreaming as this sounds too good to be true.

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Replying to Liz098:
Tony s
By Tony S
01st Apr 2016 12:00

Really??

free-rider wrote:
Was asked to provide SA302 & Tax Year overviews for one of the clients who is currently in a process of getting a mortgage. Did ask him straight away to contact the bank (Santander) and double check if they require hard copies from HMRC or the print outs from my software will do it (was with BTC and switched to Taxfiler in Jan 16, but still have valid BTC licence running till late April). He just got back to me saying that his mortgage adviser in Santander has sent him a link to the gov.uk list of approved SA software providers and said that the bank will accept SA302 produced by any of the software on a list. I almost felt of my chair when saw an e-mail. First sensible Lender who knows what the commercial SA software is! Lets hope I`m not daydreaming as this sounds too good to be true.

is this an April fool???

 

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Replying to lionofludesch:
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By free-rider
01st Apr 2016 12:12

Same planet finaly?

Tony S wrote:
is this an April fool???
In all seriousness – I`m still in shock that Lender effectively pointed me to the gov.uk website. What`s next? Are we gonna end up with lenders not even raising a question why the amount of dividends in client`s company accounts is lower than declared on individual TR? That would be like living on the same planet as bankers.
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By Vaughan Blake1
01st Apr 2016 15:38

Same planet maybe

But it's not life as we know it Jim.

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By free-rider
13th Apr 2016 11:05

Upd
I knew it was too good to be true. Last night got an e-mail from Santander saying that they are unable to accept SA302 printed from my software (BTC & Taxfiler) despite the fact that few weeks earlier they pointed me out to the HMRC website and Santander`s lending policy that clearly said they will accept these. They also enquired why the client pays no income tax on the income of c. £42k (salary + dividends mix from PSC).
Drafted a long reply explaining the pre April 16 dividend taxation rules and basic accountancy things like why dividend number in Co accounts does not match the one declared on individual TR etc.

And surprise surprise – the Lender got back to me, apologised and assured that their underwriting department will accept SA302 printouts.
But just in case phoned HMRC anyway to order hard copies of these – you never know with mortgage advisers. That will cost country another tree.

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