Bank Mortgage problems

I am having real problems with Bank of valencia, I am self employed and have sent them everything they have asked for regarding my mortgage application, however I do my own accounts so don't have a charted accountant. They keep emailing me requesting more documents and I keep telling them I don't know what else they want me to do. I have sent bank statements, tax returns credit ratings the lot.

My income is good and credit rating is the highest etc..

But they still arn't having it. I would understand if it was a 100% mortgage but its not, it's 60% and I have even offered to reduce this even further.

Has anybody else had any problems with this?

I'ts getting very frustrating now..

J

Hi J,

This must be very stressful for you not to mention time consuming!

A lot of banks are very strict on this and insist on a chartered accountant. Perhaps silly question as you say you do your own accounts, but do you use a non chartered accountant?  Do you have your accounts as well as tax returns?

There are a few banks who will accept a non chartered accountant and a few that do not even want to see accounts, just the tax returns.

If Bco De Valencia are not happy it may unfortunately mean applying to another bank!

Hi Sharon,

No I don't have an uncharted accountant but I do know a couple that maybe able to help out. My line of work is very simple. I work for myself with very few outgoings, so the accounts is really basic stuff, thats why I can do it myself.

The bank asked for a tax return and last 3 months bank statements which I gave them but they keep asking me for certified proof. I have tried to explain that I don't have a charted accountant. They have asked me for more bank statemrnts to prove I have an income, which I have happily done. I have also sent them accounts from my paypal account, as this is where I receive most of my income, but they arn't having any of that.

I think another problem they had was that my tax return did not match up to my recent accounts and statements. But I have tried explaining to them that the tax return I sent them was from 2008/2009 and the statements they asked for were from the previous 3 months. I couldn't  send them my 2009/10 tax return because it hadn't been issued then, Obviously now it has as we are in May.

I will see what they say now I have sent them more recent bank statements.

If the exchange rate wasn't so bad I would pay most of it off anyway, but I wanted a mortgage as the exchange rates are so low anyway and I was going to wait to see if the Exchange rate improved.

J