What information do I need from my accountants to get a mortgage?

If you are looking to get a new mortgage for your dream property or even remortgage, you may need to get all your information in place to send to a mortgage broker, bank or provider. 

Particularly, if you are self-employed, you will be required to provide a range of information including all your financial statements, tax returns, debt obligations and more.

This information you get from your accountant will help determine:

So making sure that you have everything in order and prepared is essential, sometimes with mortgage brokers or banks requesting things within the last 6 months, 12 months or 2 years.

We hear from Accountant For, a specialist accountant for self employed professionals to provide some insight.


1. Financial Statements

Lenders typically require a comprehensive overview of your financial health when providing mortgage offers. 

Your accountant can aid this requirement by providing detailed financial statements. These statements, including balance sheets, income statements, self assessment and cash flow statements, offer lenders insight into your income, expenditure, assets and liabilities. 

By having clear and accurate financial statements you can strengthen your mortgage application, demonstrating your financial stability and ability to manage debt responsibly.


2. Tax Returns

Tax returns serve as a testament to your financial responsibility and compliance with HM Revenue and Customs regulations. By reviewing your tax returns, lenders can gauge your income consistency, deductions claimed and overall tax compliance. 

Your accountant plays a pivotal role in preparing and validating these documents, ensuring they accurately reflect your financial standing. 

A history of timely tax filing and adherence to tax obligations can enhance your credibility in the eyes of mortgage lenders.


3. Business Accounts

For self-employed individuals, obtaining a mortgage can present unique challenges. Traditional lenders and mortgage brokers may scrutinise self-employed applicants more closely due to the variable nature of their income and perceived higher risk. 

Your accountant can mitigate these challenges by preparing meticulous business accounts. These accounts offer lenders insight into your business performance, profitability and future prospects. 

A clear demonstration of stable income and prudent financial management can bolster your mortgage eligibility as a self-employed individual.


4. Debt Obligations

Lenders assess your debt-to-income ratio to evaluate your capacity to take on additional debt responsibly. Your accountant can compile a comprehensive list of your existing debts, including mortgages, loans, credit card balances, car payments and other liabilities. 

Beyond this documentation, your accountant’s insight into debt management strategies can prove invaluable in improving your financial profile for mortgage approval. They can offer guidance on debt consolidation, repayment prioritisation and negotiation with creditors to alleviate financial burdens. 


5. Credit Reports

A stellar credit history is a cornerstone of mortgage approval. Lenders will look at your credit report to assess your creditworthiness and evaluate the risk of lending to you. 

Your accountant can help you obtain and interpret your credit report, identifying any red flags or discrepancies that may hinder your mortgage application. 

Additionally, your accountant can offer guidance on improving your credit score, such as addressing outstanding debts or rectifying errors in your credit report. By addressing any issues proactively, such as late payments or high credit card balances, you can enhance your credit score and strengthen your mortgage application.

A clean credit report signals financial responsibility and enhances your chances of securing a favourable mortgage deal.


6. Budgeting and Financial Planning

Beyond providing documentation, your accountant can offer invaluable advice on budgeting and financial planning. By analysing your income, expenses and financial goals, your accountant can help you set realistic expectations for homeownership and identify areas for financial improvement. 

Whether it’s creating a savings plan for a deposit or optimising your debt-to-income ratio, sound financial planning can strengthen your mortgage readiness and position you for long-term financial success.

From collating all your financial statements and business accounts, your accountant plays a pivotal role in helping your mortgage prospects. The information provided by your accountant can not only enhance your eligibility for a mortgage but also help you gain a deeper understanding of your financial health.

About Lisa Baker, Editor 2419 Articles
Lisa Baker is the Editor of Always Finance, and writes about Business, Finance Technology and Healthcare. Lisa is also the owner of Need to See IT Publishing.