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Mortgage Market News Updated Requirements for Self-employed Mortgage Applicants

Updated Requirements for Self-employed Mortgage Applicants

Are you aware of the latest requirements for self-employed mortgage applicants?

From Friday, 5th October 2018, the key dates for income verification requirements for self-employed people looking to secure a mortgage will update.

Whether you’re in the process of securing a new mortgage, or you’re signed up to a long-term product, this fundamental change will affect future applications.

It’s vital that you’re prepared and seek advice from an Accountant or tax adviser as soon as possible.

What’s changing?
If you’re self-employed and applying for a mortgage, lenders will typically require Tax Calculations (SA302s) and Tax Year Overviews which are no more than 18 months old.

Therefore, from Friday 5th October that means that the latest Tax Calculations and Tax Year Overviews you can submit will be for tax year 2017/2018. Until now 2016/2017 would have sufficed.

There’s no change to self-employed income verification, and you should continue to follow the existing process.

What should I do next?
You may print your online Tax Calculations (SA302s) and Tax Year Overviews using the following process:

For Tax Calculations (SA302s) you should:
•             Log into your HMRC online account
•             Select ‘Self-Assessment’
•             Follow the link ‘tax return options’
•             Choose the year from the drop-down menu
•             Follow the link ‘view calculation’
•             Follow the link ‘view and print your calculation’
•             Follow the link ‘print your full calculation’.

For Tax Year Overviews you should:
•             Log into their HMRC online account
•             Select ‘Self-Assessment’
•             Follow the link ‘view account’
•             Follow the link ‘tax years’
•             Choose the year from the drop-down menu and click the ‘Go’ button
•             Follow the link ‘print your Tax Year Overview’.

Where can I find advice?
If you need help with your tax affairs, your first port of call should always be your Accountant or tax adviser.

If you’re looking for general advice and assistance with your application, don’t hesitate to contact our team of specialist mortgage advisers, who have years of experience in providing the right solution, tailored to your individual circumstances.

We take a bespoke approach to every single case and can access lenders who apply a greater level of flexibility to your circumstances.

Get in touch on 020 7519 4957 or send us an email.

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