BTL remortgage - Requested paper copies of SA302

devildolly5

Hi

We are currently in the process of remortgaging our BTL flat through L&C, on to a Birmingham Midshires mortgage.

The broker has said that due to a change in regulations, they need original/paper copies of our SA302 showing income from the property. I know last year that HMRC said they would not issue these anymore, they can be downloaded online from our self assessment forms (which I did and sent over but the broker is refusing to accept them). Birmingham Midshires are on the list of lenders who said they will accept these online copies so I cant see why these are a problem.

Before I spend an age on the phone to HMRC to see if I can get paper copies, do HMRC issue these in paper form still or can I insists my broker to accepts the online copies and sends these to BM.

Anyone else had this issue?

Thanks in advance

amnblog

The Broker is either misinformed or miss-communicating.

Downloads from HMRC of your Tax Calcs (SA302s) and Tax Year Overviews will be sufficient.

csgohan4

amnblog wrote: »

The Broker is either misinformed or miss-communicating.

Downloads from HMRC of your Tax Calcs (SA302s) and Tax Year Overviews will be sufficient.

When I got my mortgage 2.5 years ago, my broker asked me for the paper copies as well. Perhaps things have moved on. But i waited almost 3-4 weeks for mine to come in the post.

amnblog

Things can and things do.

Birmingham Midshires are on the HMRC list published in November 2017 of Lenders that will accept HMRC downloaded Tax Calculations (SA302), or Tax Calculations from Commercial Software from the self employed.

kingstreet

We were supposed to very quickly hit a point where all lenders would accept Tax Calcs and Tax Year Overviews instead of having to get SA302s from HMRC.

That was purely because HMRC wanted to stop issuing them ASAP.

I don't know why BMS would request the HMRC produced document as opposed to the SA Online/Accountant version as the data will be the same and confirmed by the TYO.

amnblog

I don't think BMS are KS.

I do think the Broker the OP is dealing with does not know what they are doing.

kingstreet

Looking in BMS criteria, it appears to say;-

"Last 2 years Tax Calculations and corresponding Tax Year Overviews or Last 2 years finalised accounts"

for all self-employed/partnership/limited company applicants.

amnblog

Yes, KS.

I consider SA302s as Tax Calcs from the HMRC computer as opposed to Tax Calcs from the Accountant's computer.

devildolly5

Thanks everyone. That pretty much confirms what I thought.

I have just heard back from the broker and they said that for audit purposes, BM expects the broker (London and Country) to have a paper copy on their file. He has refused (as has his senior management apparently) to submit the application until he has this, even though the lender doesn't require it. So it seems its an internal process rather than a lender requirement. Is this common?

So frustrating. I know its going to take weeks to get this, especially with the tax deadline looming.

kingstreet

That is ridiculous.

If the lender is prepared to accept documents in a particular format, the broker should have no problem doing the same.

The tax year overview which can also be downloaded confirms the amount of tax paid which will match the amount shown on the Tax Calculation for the equivalent year.

New broker?

devildolly5

kingstreet wrote: »

That is ridiculous.

If the lender is prepared to accept documents in a particular format, the broker should have no problem doing the same.

The tax year overview which can also be downloaded confirms the amount of tax paid which will match the amount shown on the Tax Calculation for the equivalent year.

New broker?

I couldn't agree more. This is a huge nationwide broker. I cant believe that they require paper copies given that HMRC and most lenders have moved with the times.

Can I ask about his comment re audits? Is that true? Do lenders require brokers to have these on file?