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NEWS

SA302s and Mortgages

22/11/2017

1 Comment

 
For many years, mortgage companies have requested our self employed client's SA302 to provide proof of income to support a mortgage application. This form is issued by HMRC and simply confirms the income that has been declared on the individual's Self-Assessment Tax Return. It has been a point of contention that lenders have insisted on this form as far easier would be to provide a copy of the Tax Return and supporting schedules to a potential lender directly from our client's accountants, without the delay of waiting for HMRC.

Over the last year, we have seen that some lenders now accept a print out of an accountants Tax Calculation form together with a Tax Year Overview from HMRC online. Nonetheless, we have still have several lenders continue to request the SA302s.

From 4th September 2017, HMRC have announced that they will no longer issue a paper copy SA302 as many lenders have now agreed that they do not require them. I truly hope that this is the case, but I am concerned as to why I am still being asked to obtain the form SA302 from HMRC. Please click here to see a list of all the lenders that have agreed to accept an Accountants tax calculation together with a Tax Year Overview.

If you are self-employed or take a significant amount of your income as Dividends and are thinking about a mortgage, then we strongly recommend that you allow us to review this list and seek confirmation that the lender will not require a form SA302 to avoid any unforeseen delays in your mortgage application even if you miss out on a slightly better mortgage rate.
​
1 Comment
KiK Girls Oregon link
1/2/2021 06:32:49 pm

First time reading, much appreciate it

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Lloyd Vine Limited. Independent Financial Advisers & Mortgage Brokers. Authorised and regulated by the Financial Conduct Authority. 832055.
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About Us


  • Home
  • Investment
    • Pension & Retirement >
      • Auto Enrolment
      • Company Pensions
      • Flexi-Drawdown Pension
      • Group Personal Pension
      • Pension Annuity
      • Personal Pension
      • Self-Invested Personal Pension
    • Savings & Investments >
      • Investment Bonds
      • Investing For Children
      • ISA (individual Savings Account)
      • Lifetime ISA
  • Mortgages
    • Your Home Mortgage >
      • Introduction
      • Property Surveys
      • Mortgage Consultation
    • Buy To Let >
      • Buy to Let Types
      • Portfolio Landlords
    • Commercial Mortgages >
      • Commercial Mortgages
      • Limited Company Buy to Let
    • Holiday Home Finance
    • Let to Buy
    • Second Home
    • Self Build
    • Mortgage Calculator
  • Quotes
    • Life Insurance
    • Mortgage Protection Life Cover
    • Income Accident & Sickness Pay Cover
    • Family Income Protection
    • Protection Quotation Form
    • Whole Life Quotation Form
  • Contact Us
  • News
  • Documents