Sole Trader - Accounts for Mortgage

sleepyholla

Registered User
Messages
5
I met a mortgage advisor in the bank.
I had all requested documents with me included 2 years of accounts including an accountants report prepared by my accountant.

The meeting went very well. However the advisor then told me he would need audited accounts.
My accountant tells me that for this purpose there is no such thing as audited accounts for a sole-trader and that what I have, along with "revenue balancing statements is normally sufficient as proof of income. The mortgage advisor has responded to me saying "The Bank would normally require Audited accounts"

Is there a right answer to this? What should I do in this scenario? Put them in contact with each other?
 
It continues to amaze me how ill informed some of these advisors are. There are very few sole traders that require audited accounts. Perhaps an investment intermediary.

Tell the mortgage advisor sole traders don't get their accounted audited and that the accounts that you have submitted are all there is.
 
I was surprised by the request. I guess I'll put my accountant in touch with them and let him explain. I assume this is just a front of office error and that the underwriters deal with sole traders and audited accounts regularly?
 
Lack of knowledge on the bank part, but I wouldn't be so sure the underwriters would have correct info either, they should have but there are so few staff with levels of experience left nothing would surprise me.