Self employed submitting accounts

Jamesdiccon

Hi,

I'm a sole trader and I've met with a mortgage broker who gave me a mortgage based on my last 3 years accounts. Along with my deposit and the maximum I could borrow I am currently still needing to save extra money towards my deposit.

By the time I have this money saved I think it will be mid April 2015 and therefore I will have completed a further full tax year since meeting my broker. Will I need to calculate the 2014-2015 tax years net profit and include this or can I still use the original 3 years account figures I gave to the mortgage broker? I'm concerned there is a slight possibility the April 14/15 net profit will be slightly less than last years (April 13/14) and this will effect mortgage offers...

Thanks
James

kingstreet

No. No lender expects you to file your accounts or tax return five minutes after the end of the tax year.

We'll still be working with the 12/13 and 13/14 average in a couple of months' time.

It's October time when a few lenders start quibbling over the time since the last accounts were done.