If you are self employed most lenders will request copies of your SA302 and Tax Year overview. Firstly what is an SA302? All an SA302 form is, is a summary of the income, you as a self employed person have reported to HMRC via your tax return( online or paper tax return)
The SA302 from will show the income you have earned and what tax you owe, this is why lenders request them, as the show an accurate record of you taxable self employed income.
To obtain your SA302 last 3 years SA302’s call HMRC on 0300 200 3310( number correct as date of this post). They will send out the SA302”s in the post to you. You will need your NI number and your Unique Tax Reference number, when calling to request them. If you have an Accountant, they maybe able to this for you, so worth asking them first.
Next Get Your Tax Year Overview.
In the past most lenders were happy to request only the SA302 form, however it has been more common for them now to request Tax Year Overview as well as your SA302. So what is a Tax Year overview form?The Tax Overview simply verifies the the income and tax due is correct and is only produced once your Tax Return has been submitted. You can obtain the Tax Year Overview by phoning the same number as above, again having your NI Number and UTR( Unique Tax Reference) ready when calling to request.
How Many Years SA302’s and Tax Overviews Do I need?
If you been trading for 3 years or more, request the last 3 years SA302’s and Tax Year Overviews. If you have been trading fro 2 years, get the last 2 years or if only trading 1 year get latest. Some lenders will only consider applications if you have been trading 2 years or more, however there are now some lenders that will consider just 1 years trading. Hopefully you now have a good idea of what an SA302 and Tax Overview and how to obtain them for a Mortgage application.
Get Advice On Self Employed Mortgages.
If you need help or advice on obtaining a Mortgage if you are self employed, the get in touch with us here at Mortgage Advisor Glasgow our advisers will be happy to help you and answer any questions you may have. Call us on 0141 2801992 or use the Call Me Back facility.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.