why is the AAT not listed?

gsauny21

Hi all, i have a question to anyone who can answer it.

I had a financial advisor call me today regarding a client of mine who is applying for a mortgage. It seems many of the high street banks dont have the AAT listed as a recognised accounting qualification able to sign off year-end accounts. Has anyone else had this problem?

Gem7321

Have a look in the MIP section of the forums - I think it's the santander banks that don't accept AAT but the AAT are working on it

Monsoon

I think most banks are ok but yes, Santander is a problem.
I contacted the MIP team direct and got this response:

I had been advised that there is a problem with Santander (Abbey) which stopped recognizing members of the AAT. I have been in contact with Santander trying to obtain recognition for our members. Whilst Santander does not recognize AAT members, I have been advised by members that as an alternative Santander will accept the last 3 years accounts and an SA302.

I am not aware of any issue with HSBC

My memory on these is somewhat fuzzy as my business partner is with the Institute of Financial Accountants and their relationship with the banks fills the gaps the AAT has. I've not had to deal with any other than HSBC and Santander recently.

gsauny21

thanks for your replies, it seems that santander is the main problem however, it was suggested that the problem isnt just with this bank... i will contact my clients financial advisor to see if Santander will accept the last 3 years accounts with an SA302.

JaffasGirl

To be honest, Abbey are a bit of a problem in general.

They have been appalling at actually giving mortgages, they offer some really great deals at the moment, but wont lend.

We've have clients that agree a sale and it takes them FOUR WEEKS to book a survey (normally takes three to fours days) , no matter how many times you call them. then even after that they can ask for the same information about 10 times before declaring that because you missed a payment on your credit card three years ago they will not give you a mortgage.

Your client would be better off going with a different bank, unless this is a re-mortgage and they are not desperate for the money.

That said, this is my experience of the residential mortgages from Abbey - if they are getting a BTL mortgage, they may be ok.