Don’t let a mortgage boss you about
Don’t let a mortgage boss you about
There’s nothing that quite adds fuel to the stress fire of a mortgage like needing accounts with a quick turn around.

In my job (as I’m sure is the case in any job), it tends to be that a handful of questions makes up 80% of the total questions I’m asked on the regular. To name a few of the regular culprits:

One that’s coming up more and more regularly though, and one that’s always time pressured, is “I’m getting a mortgage/re-mortgage, my lender needs accounts, please can you help?”

Buying a home whether it be for the first time or the fifth is always an exciting and, sadly, stressful time in most people’s lives. The last thing you need on top of this is added stress of needing your accounts produced with minimal time to spare. We do everything in our power to take as much of the stress out of this task as possible, but there are things you can be doing in advance to make this whole process run smoothly. Below are a few of my top tips if you’re considering a move or remortgage when it comes to your accounts.

1.Let us know well in advance

If we know you are looking to get a new mortgage before the accounts request comes in, we can work with you to make sure that we will have all the necessary information required so once your year end has passed, we’ll be in a great position to be able to pull the accounts together in a timely manner. We recently worked with a client who we knew was going to be looking for a remortgage in this way, and by getting appropriately prepared, we were able to turn a large practice set of accounts around just a couple weeks after the end of the year.

2. Make sure your bookkeeping is being kept up to date

We’ve written a lot about the importance of good bookkeeping in the past, but it’s even more important if you’re needing information in a quick turnaround. There’s nothing that quite adds fuel to the stress fire of a mortgage like needing accounts with a quick turn around, but also needing to get a year worth of bookkeeping completed first!

If you keep things up to date as you go, you’ll reap a whole heap of benefits, but one of these is having the ability to provide us with the information just with an email, not after a full weekend of updating the books.

3. Let us know good times to contact you

As I mentioned earlier, we’ll do everything we can to take the stress out of finishing the accounts for your mortgage, but more often than not there will be some things we’re not sure about and need to come back to you on. We know you’re likely to be busy in surgery most days, but if you are able to agree with us at the start when it is a good time for us to get in touch and the best communication channel, we can ensure that any queries are answered quickly and keep the accounts moving along.

You’ll note that a lot of the above is all about having open communications, both before and during the mortgage process. If this is kept effective and streamlined, most of the actual work will quickly follow as a result.

If you are reading this article and thinking a mortgage is coming up in your world soon, don’t hesitate to get in touch with your accountant today.

The information contained in this article is based on the opinion of Hive Business and does not constitute formal tax advice. Any tax outcomes will be based on individual circumstances, tax legislation and regulation, which are subject to change in the future. You should seek specific advice before embarking on any course of action. Hive Business does not provide regulated Financial Advice, including advice on investment, insurance or lending products or their suitability for you. This article is provided for information only and does not constitute, and should not be interpreted as, investment advice or a recommendation to buy, sell or otherwise transact, or not transact, in any investment including Bitcoin and other crypto. Any use you wish to make of any information contained within this article is, therefore, entirely at your own risk.

By Connor Smith Accountant
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