Bank Mortgage problems

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13 May 2010 12:00 AM by jc123 Star rating. 27 forum posts Send private message

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




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13 May 2010 9:23 PM by sharonw Star rating in Coin, Malaga. 281 forum posts Send private message

sharonw´s avatar

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!

 

 



_______________________

Regards

Sharon

sharon@tmasspain.com

 www.themortgageservicegroup.com

 



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15 May 2010 1:09 PM by jc123 Star rating. 27 forum posts Send private message

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

 




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