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  • Mortgages & Finance

    Annual accounts

    One thing that BTL mortgage brokers come up against every year is landlords who have not completed their accounts and submitted the return to HMRC for that year.  We are now approaching HMRC's years end (05/04/2019), a common time for landlords to co-incide their year end also.

    We all know that we have a certain time to file our accounts, and for many people that date is 31st January of the following year.  However, there is a cut off time for lenders which is shorter than that.

    So, if you are considering buying or remortgaging this coming year, please bear in mind that lenders don't accept accounts that are older than 18 months.  Some lenders don't have such a long time - it could be a month or so shorter than that.  So if you get to the end of September, and you don't have accounts prepared and submitted, it's likely that a lender will want you to do so before proceeding.  This could then result in delays and frustration (for both you and the broker), but especially for you if you are transiting to the lenders SVR!

    Avoid the extra cost and frustration - get your accounts in order early.

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    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444

    Agreed.  But also brokers need to be very clear as to what they mean when they say ‘please send me your last 3 years’ accounts’ having checked with the lender’s criteria how recent the accounts need to be.  

    For the purpose of a making a new mortgage application, this may mean having to get your accounts filed as soon as the day after the tax year end.  

    I had to get mine done in July 2018.  When 31 Jan 2019 was approaching at least I had the joy that I’d already filed!

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    For the vast majority of lenders, between 12 and 18 months old are acceptable. Definitely on dodgy ground if the latest accounts are older than 18 months old.

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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444