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Monday, July 28, 2014

Self employed buy-to-let mortgage

If like me you are self employed and looking for a buy-to-let mortgage be it a remortgage or one to buy an new property you will probably need a SA302?

What is an SA302?

It was a new one to me.  Apparently, it was a form introduced back in 2009 by HMRC to verify the amount of tax you have paid. As buy-to-let lenders have tightened up on their lending criteria many mortgage companies have utilised the SA302 as a basic proof of income.  This is useful for many of us landlords who often have income from multiple sources and therefore don't fall into that neat PAYE category whlist wouldn't exactly class ourselves as 'short of a penny'.

Where can a landlord get an SA302?

Surely I can download a SA302?  Well you can by logging in to your self assessment page and then going to your tax return options.  This will then allow a landlord to select a tax year and download the relevant information.  The only problem is with downloading your own SA302 is that many mortgage companies will not accept these downloaded versions.  I don't know case somebody has tried to forge them perhaps?  So a landlord is better off phoning the HMRC direct on 0845 900 0444 and getting them to send them a copy.  It should take about 10 days in the post.  I've just applied for mine and hopefully this will unlock the 5 year fixed rate remortgage that I'm going for.  I'll keep you posted!

Mortgage Search - best 5 year fixed rates

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