We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
About to apply AIP and noticed SA302 and Net profit question
Dolly123
Posts: 189 Forumite
Ive just noticed that my self employed husbands Net profit and the figure on the SA302 are totally different figures, is this normal?
0
Comments
-
Yes, this is normal.
If you are not sure what to use then you should be engaging a broker.0 -
I do have a broker but he's gone home for the day and I'm impatient
0 -
But thanks Minimike!0
-
Yes. Net profit as reported in your husbands accounts i.e. Income less costs and expenses. Is different to taxable profit. Taxable profit being subject to income tax rules.0
-
Is he a sole trader or limited company?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
He works under the CIS scheme and so he is taxed at source. Will the SA302 make sense to my broker?
Also I've just noticed that he has gone over his credit card limit twice in 12months, other than that everything looks pretty perfect on his credit file would this affect us getting a mortgage, sods law it was always me with the less than perfect credit report and I've just come across this... arrggh!0 -
There are lenders who calculate CIS Contractors' income from latest three months' invoices rather than treating them as self-employed and requesting Tax Calcs & Tax Year Overviews.
Your broker may be looking to use this route if the resulting income/affordability is higher.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yeah we have that option aswell, ill actually send over his 3 months invoices to my broker now.
What are your thoughts on the 2 over limits?0 -
Impossible to say.What are your thoughts on the 2 over limits?
You stick the data in the lender's system, press submit and deal with what you get back as a result.
If the overall case data is strong enough to withstand these negatives, you'll be alright. If not, you'll be declined, or a higher deposit will be required.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
We are using help to buy and we have a £112500 deposit (inc equity loan) on a £450k house.
How long does an AIP normally take? is it instant?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards