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Santander for Intermediaries has announced the most recent year-end figures for self-employed borrowers must not be more than 18 months before the date of the mortgage application.

For mortgages submitted from Friday 4 October, the evidence of the most recent year-end can't be for the 2017/2018 tax year as most lenders would require more up-to-date income evidence.

Aaron Strutt, product director at Trinity Financial, says: "If you are thinking about applying for a mortgage and you’re self-employed, you need to get your application submitted quickly or ensure your accounts are up to date.

"You can submit your tax return early to generate your trading figures and you do not have to pay the bill immediately."

How do I get my tax calculations?

  • Log into their HMRC online account (go to www.online.hmrc.gov.uk) 
  • Select ‘Self-Assessment’ 
  • Follow the link ‘tax return options’ 
  • Choose the year from the drop down menu 
  • Follow the link ‘view calculation’ 
  • Follow the link ‘view and print your calculation’ 
  • Follow the link 'print your full calculation'. 

For Tax Year Overviews you should: 

  • Log into their HMRC online account 
  • Select ‘Self-Assessment’ 
  • Follow the link ‘view account’ 
  • Follow the link ‘tax years’ 
  • Choose the year from the drop down menu and click the ‘Go’ button 
  • Follow the link ‘print your Tax Year Overview’. 

Can I get a mortgage with older tax figures?

Trinity’s brokers can secure mortgages through some banks if the figures are old but they would need to agree to work off of our clients previous two year’s figures. They would also need an accountants projection of their anticipated earnings but this income may need to be higher than the last two years profits. 

Are the mortgage lenders offering cheap rates for the self-employed?

The majority of banks and building societies do not charge a premium for self-employed mortgages and the rates are same for employed people.

The banks are offering their cheapest ever rates and there is a huge choice of two, three, five and ten-year fixed mortgages, especially if you have a deposit of at least 15%.

Our "mortgage of the week" is an incredibly cheap 1.19% two-year fix available for purchases and remortgages.

Call Trinity Financial on 020 7016 0790 to secure a self-employed mortgage or book a consultation

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