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Author: JP / / Latest News

Mortgage Applications and forms SA302

When applying for a mortgage it is not uncommon for the potential lender to request copies of forms SA302. An SA302 is a form produced by HM Revenue & Customs showing your total income and tax calculation based on the Self-Assessment Tax Return filed for that tax year.

When we complete your Tax Return, forms SA302 are not issued automatically by HMRC and are only available upon request. HMRC advise to allow 7-10 working days for the forms to arrive which is not always practical when there are time constraints on completion of the mortgage.

Following discussions with the Council of Mortgage Lenders, HMRC recently announced that forms SA302 produced by Commercial Software, such as the personal tax program we use to complete clients personal tax returns would be acceptable to mortgage lenders.

Submission of the SA302 by itself will NOT be sufficient for these purposes, as the lenders also require sight of the Tax Year Overview which we can obtain from our online system with HMRC (this is provided we are authorised to act as your agent for personal tax purposes).

Not all lenders belong to the Council of Mortgage Lenders and therefore are not covered by this agreement; other lenders may not accept this and many are still in the process of getting this information to their front line staff.

The recommendation is therefore that potential borrowers confirm with their lender beforehand and ascertain exactly what is required before requesting and obtaining any documents from us or submitting any information to the lender

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