Self employed mortgage applications - getting an HMRC SA302 form.
If you are self-employed and want to apply for a mortgage, it is likely that you'll be asked to supply a completed HMRC SA302 form covering 2 to 3 years tax submissions along with your application.
What is an SA302 form?
It is a form/statement supplied by HMRC. Once your accounts have been submitted HMRC responds by sending you an SA302 form stating how much tax you owe or have overpaid by. You may not receive the form automatically, so often a request has to be made to get the form sent out.
Why might lenders ask for a copy of the form?
The SA302 provides irrefutable evidence of exactly how much income you have declared to HMRC.
Declaring a higher income on your mortgage application than you have submitted to HMRC is mortgage fraud. Lenders want to stamp out fraud, and requesting you supply a completed form is one way to do it.
NOTE: As it can take a while for your SA302 to be sent and received, you are advised to request your copy from HMRC at the start of your mortgage application. It will then be available if and when a lender requests it.
Make sure you have all the information you need to hand when you call 0300 200 3310 to order your form, this includes:
- Your name, address and date of birth.
- Your 10 digit personal tax code.
- Your National Insurance number.
- The tax years you wanted include on the form.
If you explain that you need your form for a mortgage application you could find that your request is handled with more urgency.
However ordering and receiving your SA302 can take quite a while, so make sure you request it in plenty of time otherwise it could delay your mortgage application. You can request a copy to be faxed however the original will still be required.
Getting a sself-employedmortgage with just 1 years accounts.
There are specialist lenders who offer mortgages to self-employed or business owners based on just one years accounts. This could be of great benefit if your trading profit was up over the last tax year, as your application would be based on those figures instead of an average over 2 to 3 years.
If you are looking for a self employed mortgage then it pays to know which are the best deals and which are the lenders to contact.
By contacting Deal Direct for your quote you can be sure you will be applying for a mortgage from a lender willing to consider your circumstances in a favourable light.
For mortgage advice or a self employed mortgage quote call Deal Direct.
Speak to a specialist adviser on 0800 048 8828 to discuss your mortgage needs and to find out your mortgage options.
