While many self-employed people will be applying to get a motgage in 2018, changes to the way HMRC issues details of tax calculations and tax year overviews for submission with motgage applications, has made it harder to get a mortgage.
Prior to last year changes, HMRC was providing paper copy of form SA302 to self employed people, that lenders require for mortgage applications.
HMRC only provides th eform in digital form which can be printed online. This has resulted in many lenders specialising in self-employment mortgages still insisting on oringinal paper copies issued by HMRC rather than electronic printouts. HMRC is in talks with UK Finance about lenders requirements for self employed individuals.
One of the ways to get around this issue when submitting information to eligible mortgage lenders, is by providing the relevant year’s tax computation, printed from the accountant’s software, along with the tax year overview that accountants can print from HMRC’s online services page in order to act as a self- serve SA302. It is therefore advisable to check your lender’s requirements before making an application if you are self-employed.