Anyone from Nixon Williams online tonight, I need help!!

[Netters82]

Really hoping someone from NW can talk to me tonight!

[Craig@Clarity]

Try calling and emailing them too if you haven't already!

I'm guessing you have?!

[Netters82]

Yeah, their office closes at 5pm so no one available. Thought I would try here, as it's urgent!

Are you an accountant? Maybe you could advise me on what to do!

[Netters82]

Sorry, yes....see you are from your picture now.
Could I pm you?

Thanks

[Craig@Clarity]

Yeah, their office closes at 5pm so no one available. Thought I would try here, as it's urgent!

Are you an accountant? Maybe you could advise me on what to do!

Possibly...what's the question?

[Netters82]

Ok so here goes. Sorry, might be a bit long!

I set up my Ltd comp on 4/7/11, been contracting at the same place for just over 2 yrs now. Last year I had a baby, we lived in a small flat so needed to move house. In Feb we got a mortgage offer for quite a high rate because I didn't have 2 yrs acconts, but we needed to move so accepted that. Anyways, the sale/purchase has dragged on and on and now I have 2 yrs accounts I thought we could get a much better mortgage offer.

Spoke to my financial advisor, yep we can get a better mortgage deal - saving us close to 11k over the first 2 years!

My accountant (NW) said my 2 years accounts would be 31st July so I sent them my invoice up until yesterday so they now have all of my income and dividends taken for 2 years.
However, they are refusing to fill in the reference form properly that Nationwide have sent, because they haven't 'finalised' my end of year accounts - which will take at least another 4 weeks, but we are due to exchange next week!

I totally understand what they are saying, but all nationwide are asking for is gross income/dividends and salary taken for 2 years. On the form it states ' final accounts only, no estimates or projections' - if Ltd company, state gross income from salary/and or dividends.
So NW are saying they cannot fill this in without a note saying the accounts are not finalised, even though they are actual figures!
My FA has spoken to Nationwide and they say they need the form filled in with no additional notes. Both my FA and nationwide have never come across this before, and I am obviously not an accountant so that's why I am here.

I have always taken under the amount available to take for dividends, so there isn't an issue that I have over paid myself dividends.

If this was just going to cost us a bit more then fine, but 11k is a huge amount of money to save - especially with upcoming nursery fees!

So I thought I would try my luck here to see if there was anyone who could advise.

Thanks for listening!

[Martin at NixonWilliams]

Ok so here goes. Sorry, might be a bit long!

I set up my Ltd comp on 4/7/11, been contracting at the same place for just over 2 yrs now. Last year I had a baby, we lived in a small flat so needed to move house. In Feb we got a mortgage offer for quite a high rate because I didn't have 2 yrs acconts, but we needed to move so accepted that. Anyways, the sale/purchase has dragged on and on and now I have 2 yrs accounts I thought we could get a much better mortgage offer.

Spoke to my financial advisor, yep we can get a better mortgage deal - saving us close to 11k over the first 2 years!

My accountant (NW) said my 2 years accounts would be 31st July so I sent them my invoice up until yesterday so they now have all of my income and dividends taken for 2 years.
However, they are refusing to fill in the reference form properly that Nationwide have sent, because they haven't 'finalised' my end of year accounts - which will take at least another 4 weeks, but we are due to exchange next week!

I totally understand what they are saying, but all nationwide are asking for is gross income/dividends and salary taken for 2 years. On the form it states ' final accounts only, no estimates or projections' - if Ltd company, state gross income from salary/and or dividends.
So NW are saying they cannot fill this in without a note saying the accounts are not finalised, even though they are actual figures!
My FA has spoken to Nationwide and they say they need the form filled in with no additional notes. Both my FA and nationwide have never come across this before, and I am obviously not an accountant so that's why I am here.

I have always taken under the amount available to take for dividends, so there isn't an issue that I have over paid myself dividends.

If this was just going to cost us a bit more then fine, but 11k is a huge amount of money to save - especially with upcoming nursery fees!

So I thought I would try my luck here to see if there was anyone who could advise.

Thanks for listening!

Hi Netters82,

Please PM me with your details. I will contact you at 9am tomorrow and will do what I can to assist you with your mortgage application.

Martin

[Netters82]

Hi

Thank you!
I also meant to say, I wasn't trying to bash NW at all. You have done a very good job in all other areas

I will send you a message now!

Thanks again

[Craig@Clarity]

NW are a good outfit and it's unlikely that they're deliberately trying to be obtrusive. It's more likely to be the case that the accountants reference request is asking for both salary+dividends figures AND company figures.

From experience, if the above is the case, they should be able to confirm the first bit of salary and dividends but not the company figures (if the accounts have not been prepared and finalised) as the underwriters are usually very strict on what information can be disclosed on the reference.

And NW being a professional firm, they won't be able to state your company figures until they are prepared, signed off by you and filed (finalised) if the reference says only final figures can be shown. So as Martin has arranged to speak to you tomorrow morning first thing, he may be able to find a solution for you to satisfy both the underwriters and yourself.

P.S. about nursery fees, speak to NW about child care costs.

[Martin at NixonWilliams]

Thanks Craig - This has now been sorted via PM.