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  • Entrepreneurs

    "Business" bank account to pay mortgage DD

    Dear All,

    I have a property business running for many years now as a sole trader, mortgages paid from a sole trader "business account",

    I had to do some remortgages recently, and now two of the lenders not accepting this bank account to receive payments from and they request a "personal" bank account.

    Any good way to get round of this?

    I do not need to explain how much head ache to get rent coming in to the sole trader account I used for many years and now DD goes out from a totally unrelated personal account Sad(

    In some cases even the very same lender accepted DD previously from the very same bank account declines it now.

    Thanks,

    Pete

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    Pete, just set up another personal account, I have two personal accounts at the same bank. Then use this second account ONLY for all your property transactions. Lenders will have no problem with this and it makes doing your accounts much easier.

    There's really no need for a business account.

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    Agree with Goodchappy. You can then set up a direct debit from the old account to the new account to cover the mortgage payments. Then either contact all tenants asking to pay into new bank account or do it over time as tenants change. Short term headache but not the end of the world.
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    I have always used a seperate account for rent and other outgoings as it makes life simple when coming around to do the accounts. Just designate it your name and rent or property account.

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