Client has failed the affordability test because he has one bank account in his own name and one in his business name as he is a sole trader. The check has failed as his business bank account has his business name then his surname but the automated system seems to be saying that because it doesn’t completely match his name the income can’t be verified. This seems a bit mad. He has a steady income and like most sole traders keeps a lot of it in his business account. Is there anything we can do about this? We can verify the income ourselves from SA302s and his bank statements but it means we can’t take out the insurance, which we were hoping to do.
get the tenant to ask their bank for a letter confirming the account is theirs or to add their full personal name to the business account (many ref-checkers accept a bank letter).
Or ask the referencing provider to do a manual underwrite using SA302s + business bank statements. If your insurer absolutely requires automated verification you may need a different insurer/provider or have the tenant pay some income into a personal account for the check. and contact the ref provider’s support to confirm exactly what documentary evidence they’ll accept.
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