Accountants and mortgages

Kabby50

Accountants and Mortgages
by Kabby on Thu Feb 21, 2013 1:07 am
Hi all I wonder If anyone can give me some advice?
I have been a self Employed taxi driver for over twenty years and have always used an Accountant to file my tax return. This year however I am going to give SA a go myself and hopefully will be able to muddle through!!
I currently own one property which I let out to tenants and all the income is declared...
My question is I will be seeking a mortgage early next year and wondered whether NOT having an Accountant is going to affect my chances of obtaining a mortgage? As I guess I will have to "self Certify" and I know these mortgages are hard to come by

Re above: would it be better to keep with my accountant for another year?

Re above: also the mortgage I am seeking will be residential one
Thanks all in advance

koexelek

Most lenders work off an SA302 form these days... as some of them no longer even trust accountants
This is an Inland Revenue form which confirms the figure you paid tax on. You get one of those whether you do self assessment or whether an accountant prepares your figures.
As long as your SA302 confirms the sort of income the lender needs, you should have no problem

Self certifying is saying an income, but not being able to prove it. That type of mortgage is long gone .

Wh05apk

As a sole trader there is no need for an accountant, lenders will either require accounts produced by an accountant, or more these days require SA302's, which confirm the figures you have declared to HMRC. So once you have done your self assessment, just phone up HMRC and ask for the last 3 years SA302's

ACG

Lenders generally ask for no more than 3 SA302s (Self assessment returns).
You will be fine even if you do it yourself.

Kabby50

Thanks to all above, appreciate you all for taking the time to reply with your advice.... Getting so much helpful advice on this forum

Crashandburn

Kabby50 wrote: »

I currently own one property which I let out to tenants and all the income is declared...
My question is I will be seeking a mortgage early next year and wondered whether NOT having an Accountant is going to affect my chances of obtaining a mortgage?

As others have said, there are easy other ways to prove your income.

However if linked to your other thread about Buy to Let mortgages, then there are certain lenders who will need a minimum income. There are deals about with no income proof but this reflects in the rate.

The starting stage for minimum incomes is at £20k. But this is from one source. Reason for mentioning is that if you have say £18k from the taxis and £6k from the property, then this won't meet the requirement of the £20k minimum income. You would need say a minimum of £20k from the taxis for it to work.

Good luck

argomatt

The starting stage for minimum incomes is at £20k. But this is from one source

I enquired at C&G about a year ago and their minimum income for buy to let mortgage was £35k

Crashandburn

argomatt wrote: »

I enquired at C&G about a year ago and their minimum income for buy to let mortgage was £35k

Yes. Lots seem to have different arrangements from nothing up to £75k per annum as a min income!