Getting Mortage, can I submit company accounts early? SA302

[andyandy]

Hi,

I am applying for a Mortgage and as this is my first year I have not yet got 1 years accounts. My Mortgage broker requires a SA302.

I am only 6 weeks early, but we have had an offer accepted so I'm now getting concerned that we will not be able to take forward. I was informed I could submit early, but my accountant seems to think otherwise.

It's a hard thing to Google, all I could read was that I either need a SA302 or the alternative is proof of contract past and future..

Any help appreciated.

[Clare@InTouch]

The SA302 is a summary of your tax return information from HMRC. Your 2013 tax return should be filed by now so you'll be able to get that year. You cannot file your 2014 tax return until after the end of the tax year in April.

You cannot file accounts for a limited company until after the year end, although your year end can be shortened at Companies House.

If you cannot use full accounts your accountant should be able to supply management accounts and an income reference letter that reflects what would be on an SA302 to that point.

[Jeremiah@RHJAccountants]

I agree with what Claire says.

Also most accountants use software for accounts and tax filling.

The one we use has the SA302 summary as the last page after the tax returns pages.

Check to see if your accountant has already sent it to you, when they submitted the tax return.

[Mark McBurney@CMME]

Hi Andy,

Out of interest why does your broker require an SA302, if your LtdCo is in it's infancy?

There are lenders who don't require this, and can even lend to 'day one' contractors...?

Best Wishes,

Mark

[Martin at NixonWilliams]

It's fair to say that most lenders have a poor understanding of contractor businesses. I see lenders asking for an SA302 more frequently than contracts etc.

Andy - If it isn't too late, I would suggest using a mortgage advisor who specialises in contractor businesses.

Martin