Mortgage help

CONFIRMATION OF INCOME FOR MORTGAGE PURPOSES

Many mortgage lenders now request a copy of the official HMRC tax calculation (SA302) as confirmation of income. HMRC have now withdrawn this service as they head into the 'online' world.  Most mortgage companies have aligned with how HMRC wants to handle the influx of SA302 requests and other companies are now being urged to do the same. As the result of lobbying from the accounting profession, there has been a change of heart, self-employed individuals with a self assessment online account can provide proof of their income by downloading copies of their Tax Calculation and their Tax Year Overview from the HMRC online service, which will be the evidence they need to support a mortgage application.

As your agents, we can print these documents on your behalf; these are acceptable to support your loan or mortgage application. There is still a conflict between planning to minimise income for tax purposes and declaring a higher level of income to support a mortgage application so let us know if you are planning to apply for a new mortgage.