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Remortgage and HMRC question

Hi,

We are currently in the process of remortgaging our house as our fixed term is up soon. I am a full time employee, and in tax year 21/22 I opened an Etsy store as a side hustle to help pay towards our wedding, so I registered as a sole trader. I have recently completed my self assessment and paid the tax owed. I closed the Etsy store permanently before the 22/23 tax year so as it stands my only income is my full time employment again. This is the only income for myself that will be in the application for affordability. 

Do I need to give details of the Etsy side business I had in the 21/22 tax year as part of my remortgage application? Obviously there will be a recent payment to HMRC showing on my bank statement. I'm just not sure if the bank would question the transaction then ask for more information about it, or whether they don't care and are only interested in proof of current income.

Sorry if this is a bit of an odd question and that some readers may not know the answer to, but worth a shot.

Thanks in advance

Comments

  • kingstreet
    kingstreet Posts: 39,033 Forumite
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    luke1ok said:
    Hi,

    We are currently in the process of remortgaging our house as our fixed term is up soon. I am a full time employee, and in tax year 21/22 I opened an Etsy store as a side hustle to help pay towards our wedding, so I registered as a sole trader. I have recently completed my self assessment and paid the tax owed. I closed the Etsy store permanently before the 22/23 tax year so as it stands my only income is my full time employment again. This is the only income for myself that will be in the application for affordability. 

    Do I need to give details of the Etsy side business I had in the 21/22 tax year as part of my remortgage application? Obviously there will be a recent payment to HMRC showing on my bank statement. I'm just not sure if the bank would question the transaction then ask for more information about it, or whether they don't care and are only interested in proof of current income.

    Sorry if this is a bit of an odd question and that some readers may not know the answer to, but worth a shot.

    Thanks in advance
    No. You don't.

    If the lender queries it - explain. However it's not likely to be mentioned.
    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.
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