Hi
Been limited for 2 years now accounts are in process all accounts should be done by 10th April 2020, I need a summary of my ltd accounts for the mortgage broker I have asked the accountant for last years accounts as 1 years accounts are fine but he has not returned my e.mail.
1) Is the work a long process?
2)Should I pay for this work and how much?
3)Can the accountant refuse to do this work?
Thanks
Nick
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Replies (16)
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Sorry to ask the obvious. When did you send the email?
Like many trades, services, professions, I imagine your accountant isn’t twiddling his thumbs and has a weekly, even monthly work programme?
Much depends on my initial enquiry. When did you send ...........
Mortgage
Mortgage Broker wants summary only
Hi
Been limited for 2 years now accounts are in process all accounts should be done by 10th April 2020, I need a summary of my ltd accounts for the mortgage broker I have asked the accountant for last years accounts as 1 years accounts are fine but he has not returned my e.mail.
1) Is the work a long process?
2)Should I pay for this work and how much?
3)Can the accountant refuse to do this work?
Thanks
Nick
What happened to the accounts your accountant would have gave you last year to go over and confirm before submission? Perhaps the accountant doesn't feel your request is a priority because you should already have it.
If this were a good client I would reply straight away. Even though all my clients have copies of accounts and tax returns etc, they always forward such requests to me, maybe I am too soft.
Never, ever had this request. In my experience in the majority of cases what a mortgage broker states is the requirements to obtain a mortgage turns out to be wrong.I need a summary of my ltd accounts for the mortgage broker
Agreed. Mortgage brokers often don't know what they're on about.
But then, neither do Mortgage lenders.
Agreed. Mortgage brokers often don't know what they're on about.
But then, neither do Mortgage lenders.
Not to mention mortgage borrowers.
I've seen this request a lot, particularly where you have a company sitting on large reserves, or where they want some certainty the company is making profits and dividends are likely to continue
Base -0.5%, Margin +0.5%, job done.
Whilst cut is great for existing borrowers like us (should cover the excessive salary increase I will now request in June) not convinced it will do much to stimulate fresh lending by banks, they will either want to lend or they will not.
Now negative interest rates- individual banks paying central bank for overnighting funds , that might change policy and direction of individual banks.
Base -0.5%, Margin +0.5%, job done.
Whilst cut is great for existing borrowers like us (should cover the excessive salary increase I will now request in June) not convinced it will do much to stimulate fresh lending by banks, they will either want to lend or they will not.
Now negative interest rates- individual banks paying central bank for overnighting funds , that might change policy and direction of individual banks.
The way out for banks is to increase customers' credit card limits and trap the suckers into spending at high interest rates. Then when the heat's off BIG profits because they will trapped with large overdrawn cards, enabling the banks to cut the limits and force repayments
Devious or what
Due to the lack of information I can only reply to the OP's questions as put
1. Depends
2. Yes & depends
3. Yes if he disengages you for being a PITA
Why does the mortgage broker need a summary of the Ltd Co accounts, I have never heard of this in decades of experience. If its extra work why shouldn't you pay for it.
Why not do something shocking, pick up the phone and do that old school thing of talking to the guy.
I know it is not the done thing these days but trust me, it works and aids maintaining a good working relationship.