November 6, 2017
Evidence of income. In September 2017 HMRC stopped sending out forms SA302. These show details of your taxable income and are used by mortgage and other lenders as acceptance proof of income. The good news is that you can print your own SA302, but only if you’re registered for HMRC’s online services and complete self-assessment returns. The trouble is not all lenders accept self-printed SA302s.
Alternative evidence. Before self-assessment (and SA302s) lenders accepted letters from accountants and P60s as evidence of earnings and they still do. The Council of Mortgage Lenders has confirmed this. However, many brokers and financial advisors haven’t got the message and are still insisting their clients obtain a SA302 direct from HMRC. If you’re faced with a stubborn advisor insisting on an SA302 direct from HMRC, point them to GOV.UK which explains the position. Plus, ask them to contact the lender and get back to you with details of what evidence they will accept instead.