SA302 mortgage guide
As a self-employed person you will probably be familiar with the term ‘SA302’ which is your annual Self-Assessment tax return.
Here is our guide to SA302 mortgages to help you to understand how this particular element of income works. This is particularly important anyone who is self-employed as this will often be a requirement for proof of income.
Some of the answers to the main questions that people as us about SA302’s and mortgages.
What is an SA302?
An SA302 is also known by some people as a tax calculation form, which provides a summary of income which has been reported to HMRC.
This is an annual statement which is based on your self-assessment from your most recent annual tax return. It is also a response that is provided by the HMRC that is issued to individuals who submit annual tax returns.
How can I get my SA302?
You can access and print out your SA302 from your HMRC online account or personal portal following these simple steps.
- Log in to your HMRC portal
- Select ‘Self Assessment’
- Go to ‘More Self Assessment Details’
- Select ‘Get your SA302 tax calculation’
- Click the option to ‘Print’ your tax calculation and overview
If you can’t access your account then you should speak to the HMRC direct or contact your accountant for access.
What does an SA302 show to a mortgage lender?
When you provide an SA302 to your mortgage lender it will give them information about your self-employed income.
An SA302 provides lenders with up to 4 years of income from outside of any PAYE income or salary income. Your SA302 will also provide your mortgage lender with a summary of income for affordability for a mortgage product or deal.
Your SA302 includes:
- Breakdown of your taxable income
- Your tax liability
- Total amount of tax payable
Mortgage lenders and advisors will review your SA302 for mortgage purposes to make sure that it accurately reflects your application.
For more information on accessing a mortgage when self employed CLICK HERE.
Do mortgage lenders need SA302?
When you apply for any mortgage you will be required to provide evidence of your income to support your application.
The most simple way for someone who is self-employed to do this is to show their most recent SA302 or Self-assessment tax return. This will usually provide sufficient proof of earnings for SA302 mortgage evidence.
Some lenders will ask for additional evidence if there are multiple sources of income or more complex incomes.
Can a mortgage lender access HMRC?
Recently there has been new scheme which has been launched by the HMRC to help to tackle mortgage fraud.
The HMRC Mortgage Verification Scheme gives lenders the ability to access and verify numbers provided on your mortgage application. This scheme is becoming more and more popular with mortgage lenders as a form of verification.
So the simple answer is, yes, mortgage lenders can now access HMRC records.
Mortgage lenders and providers that accept SA302
There is a list of mortgage lenders that can be access on HMRC website showing those who accept SA302 tax calculations and tax year overviews.
Current lenders listed on HMRC website are:
Bank of Ireland
Bank of Scotland
Cambridge Building Society
Cheltenham and Gloucester
Cheshire Mortgage Corporation
Clydesdale & Yorkshire Banks
Coventry Building Society
Cumberland Building Society
Darlington Building Society
Ecology Building Society
Family Building Society
Furness Building Society
GE Money Home Lending
Godiva Mortgages Ltd
Halifax Bank of Scotland
Hinckley and Rugby Building Society
Holmesdale Building Society
Leeds Building Society
Loughborough Building Society
Market Harborough Building Society
Marsden Building Society
National Westminster Bank
Nationwide Building Society
Newcastle Building Society
Nottingham Building Society
Paragon Bank PLC
Post Office Limited
Principality Building Society
Royal Bank of Scotland
Saffron Building Society
Scottish Building Society
Skipton Building Society
St Andrews Group
Teachers Building Society
Tipton & Coseley Building Society
Vernon Building Society
West Bromwich Building Society
SA302 mortgage advice
If you are self-employed or submit a tax return then you might need to speak to a specialist who understands how this works for mortgages.
Our team of fully qualified mortgage experts has many years of experience and expertise in dealing with self-employed people. We will assess your circumstances to provide you with the best advice to find the right deal and SA302 mortgage lenders.