Bank Info for Loan/Mortgage

System
System Posts: 100,534 🤖 Admin 🤖
edited 12:08PM in AAT member discussion
Can anyone help me?
I have been asked to provide some info for the bank for a client who is looking to get a loan/mortgage for a property.
Can anyone tell me how much info they will need and how much would you charge for poroviding this service as I haven't done anything like this before?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank Info for Loan/Mortgage

    Lenders will normally send you a standard letter with the information they require.

    Some have a questionnaire for you to fill out, others will just ask for copies of the accounts.

    Usually pretty straight forward.

    Make sure you return the information with a disclaimer!


    As for charging..

    If it is a regular fee-paying client I would not normally charge for the service. If it is a client I do ad-hoc work for then I would charge a nominal fee of around £25. Depends what information they ask for.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank Info for Loan/Mortgage

    Dean,

    They are asking for a copy of the accounts for 2006/7 and also a forecast for the current shop and also for the new shop she is looking to buy.

    I haven't done her tax return for 2006/7 yet so will have to get this done first!

    Do you know how you would account for the mortgage repayments as they will be for the premises and the living accommodation?

    Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Bank Info for Loan/Mortgage

    In my experience they all want different things. Some ask for 3 years accounts, others for 2, some just the current year's account. Some lenders send a questionnaire. Some lenders just ask for a letter stating the net profits for the last required period. If they have not specified the information required, I would offer the 3 year's accounts. I do not charge for this service, as they are always my clients. I don't think I could really give that sort of information if they weren't. Hope that helps.

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