Santander – New Mortgage Rules Suck

Ray Stewart Business, General Leave a Comment

It seems everything has changed with this huge Bank – that own a few of our banks here – Alliance & Leicester being the one in question today – since the budget last month.

A client of mine recently applied for a mortgage with them. His income was well over their minimum requirements, he has a perfect credit history and has had significant savings with the bank for more than 10 years.

You would think they’d jump at the chance to give him a mortgage…..

No. The reason they gave is…..

He doesn’t have a copy of his paper Self Assessment return issued by HMRC.

I spoke to the mortgage advisor because I couldn’t believe this. The government are pushing everyone to file everything online. Once you make the decision to file your self assessment online they no longer send you a paper form to complete – very sensible I thought up until now.

I explained to the mortgage advisor today how easy it is to “amend” the copy of a hand written self assessment return with figures to suit the mortgage application – but she wasn’t interested.

The underwriters will not accept an electronic version of the self assessment return that I can prove beyond doubt has the figures on it as declared to the Tax Office – not acceptable she says. It has to be a handwritten form

This beggars belief. They are happy to accept fraudulent (possibly) figures on a handwritten form – but nothing else.

Not even an Accountants Certificate

If this is the New future the coalition government is letting our banks get away with – I do not want to be a part of it.


Ray Stewart
I am a qualified Certified Practising Accountant having passed my final exams way back in 1981. I actually can’t believe that was 37 years ago!! Anyway, I am now in my 60’s and I have been running my own business since May 1983. And before you ask, no, I have never regretted a moment of it! Part of the membership requirements of my professional body now dictate that I spend quite a lot of time on “CPD” - continuing professional education (one of their better ideas) - and over the last two years I decided to study business growth and marketing. I have learnt such a lot and that knowledge has radically changed my old “accountants” approach to business. It has made such a difference to the way I work and operate I feel that I just have to pass on this knowledge. It is simply too powerful to hold back!! - but I will try and do it in simple terms rather than expecting you to spend hours, as I had to, working through the difficult language that trainers seem to use to pass on their concepts. I hope you find the blog a useful resource and interesting place to visit as the months pass. I will do my best to keep up the flow - but if there are any topics you would like me to cover, then please let me know. Ray Stewart
Ray Stewart
Ray Stewart

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