Accountant Qualification
Will we consider an application where the accountant holds a non-standard qualification? If not, what are the recognised qualifications required for an Accountant's work to be recognised by us?
Accountant's Certificate Required
Are we happy to accept an application without the need for an Accountant's Letter or Reference?
Accountant's Projection
Will we take an Accountant's Projection into consideration when assessing Affordability?
Accountant's Reference Accepted
Is an Accountant's Letter or Reference accepted by us in place of either Accounts or an SA302?
Employed Director - Share in Business
For Directors, at what percentage of Shareholding will we class the applicant as Self Employed? What is our policy surrounding Employed Directors?
Limited Company to a Sole Trader
Do we consider applications from applicants who have changed their trading status from a Limited Company to a Sole Trader?
Limited Liability Partnerships
Will we consider an application from an applicant who is in a Limited Liability Partnership?
Net Profit in a Limited Company
For those classed by us as Self Employed but who are a Director of their own Limited Company, will we consider using Net Profit in the Applicant's assessment of Affordability?
Partnerships
What is our policy on those who are classed as Self Employed who are in a Partnership?
Percentage Share of Business classed as Self Employed
At what Percentage Shareholding in a Business is the Applicant treated as Self Employed by us?
Retained Profit in Company
For those classed by us as Self Employed, will we consider Retained Profit in the Applicant's for Affordability?
Self Employed - 1 Years Accounts
Will we consider an application from an Applicant who has only 1 Years Accounts?
Self Employed - Assessment of Accounts for Affordability
How are Self Employed accounts assessed in the assessment of affordability?
Self Employed - Declining Profits
Will we consider an application from a self employed applicant whose accounts show declining profits?
Self Employed - Director of own Limited Company
What is our policy on those who are classed as Self Employed who are Directors of their own Limited Company?
Sole Trader
What is our policy on those who are Self Employed and trading as a Sole Trader?
Sole Trader to a Limited Company
Do we consider applications from applicants who have changed their trading status from a Sole Trader to a Limited Company?
Trading History and Years Accounts
What Trading History is required to be considered for Affordability and how many Years of Accounts are required?
Umbrella Companies
Are Self Employed Applicants who work under an Umbrella Company an acceptable form of employment and source of income for Affordability Assessment?
Validity of Accounts
What is the cut off for the Validity of the latest set of Accounts that are acceptable to be considered for Affordability?
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