Mortgage Reference-AAT Qualification

Which mortgage lender was it?

I have never had a problem signing mortgage references so I would be interested to know which bank has us black listed!!

I wonder if this is a new policy due to banks 'tightening up' their lending criteria..

Hi

I would like to know who they are as well since I have never had a problem either, although I have not been providing such references for as long as Dean.

If it is a bank that has changed their policy it may also be worth running this by the AAT as well.

Poodle

Hmmm.. this is quite worrying. I am sure I have given references for Abbey in the past.

Definitely worth flagging this up with the Association.

So a member of CIOT would not then be approved by Abbey :confused1:

What some lenders want in addition to our accounts is a copy of the tax return - in the somewhat mistaken belief that if HMRC don't think it is wrong, then it must be right

I do think that this is something that the AAT should be campaigning for on our behalf.

Claudia

Ben wrote: »

..so someone may care to point this out to Abbey

That someone should be the AAT.

It sounds like Melanie has had a poor response from membership services - time to take the issue higher up I think.

Latest update

Adam Harper contacted me to say that the AAT are aware of the issue with Abbey and are currently corresponding with them with a view to being recognised for mortgage reference purposes, particularly as Abbey had previously had a policy of recognising AAT members.

Negotiations are ongoing but there is no timescale or guarantee that things will change. In the mean time he suggests:

1) If you ask Abbey what information they need in the absence of a mortgage reference then SA302's from HMRC will usually suffice;

2) Alternatively you can seek for the reference to be signed off by a member of either ACCA or ICAEW at a fee to your client.

Dean - thank you very much for your time and effort :thumbup:

Claudia

Hi

This is a similar issues with CIMA and it's down to either the Companies Act or the Estate Agency Act, banks use either to guide their policies.

The Companies Act refers to ACCA and ACA (presumably for the purposes of statutory audit) so some bodies are only prepared to accept ACA/ACCA accounts even though the accounts themselves may have no connection to an audit and/or the ACA/ACCA preparing them may not be qualified as an auditor.

I think a lot of non-accountancy bodies (including professional trade bodies) have little understanding of what an accounting qualification means. I once read a posting on a forum from a self employed person who had been asked by her local tax office to submit audited accounts to back up a tax return issue. When she told them she doesn’t need/have an audit they told her she could audit them herself!!! :001_rolleyes:

Neil

Faerie - Abbey will generally accept an SA302 as proof of income (no matter who completed the return).

I work for my partner who is an IFA and many of our self employed clients have "accountants" who have never sat an exam in their life. We find that some lenders will take references from them and others won't.

I find it annoying that people can set up in business and call themselves accountants, giving people advice on tax etc. and yet they have no qualifications at all, they don't have to prove they have any experience nor do they have to do CPD either.