Will SEISS Grant + Apply for morgate as that income

ryanoeix

Hi

i have had in total £11000 I’m the self employed grants while being off for covid.

I am applying to remortgage my house in just my name in October due to not being Togeather with my partner anymore but my work earnings will be around 40k and the grant will add on 11k

i know we get taxed on these grants but when I’m applying for the remortgage I need my profits as high as possible and a big portion of my income that year would of been through grants?

so when I do my tax return will these grants be down as my income for the year and will banks be able to judge against them as I haven’t actually earnt the money? Or will they be able to say well you’ve only actually earnt so much through work so we will only lend you based on your actual earnings?

thanks

MWT

... or they may say, clearly your business is in trouble as you've had to take the grants, please demonstrate that your business has returned to its normal activity levels before we lend at all...

ACG

I dont know the answer as I have not had a similar enquiry, but I would imagine on the basis that you have to say your business has been affected to get the SEISS, they are going to assume your business is struggling or if not you have claimed something you maybe were not eligible for. 

Meh123

I don’t have the answer but having just been through a mortgage application which had SEISS grant involved get all your paper work in order and be prepared to show you’re back up and running in line with previous years....and unless you 100% have to don’t take the most recent one! We didn’t even hit underwriting until early December and they still had questions regarding the SEISS we’d taken in July. It’s not necessarily a case of how they’ll allocate that money, it could be a case of will they even entertain lending so defo get a mortgage broker who’ll know who’s safest to go with 👍🏻

Ps. We got our offer but they made us work for it!!!

[Deleted User]

I would assume that the seiss grant will not show as 'profit from self employment' when you get your sA302. In which case you wont be able to use it as income.    It might have a different line on there like  there is for 'Income from UK Property and Land'.