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How to avoid application delays from 5 October

An important reminder to landlords. Don’t be the reason your application gets held back.

From 5th October 2018, when you apply for a buy to let mortgage, as part of the supporting documentation, lenders will ask to see your income for the years ended 5 April 2017 and 5 April 2018.

Even though you may not need to submit the current return to HMRC until 31 January 2019 if you would like some finance then you will need to do it now. The reason for this is that lenders require tax documents to be no more than 18 months old.

An SA302 is like a receipt and is issued by HMRC once they have reviewed your annual tax return. It confirms how much income you have declared, the tax you have paid as well as any tax due along with any penalties and interest charged. If you submitted your tax return online, you can print out your SA302 as well as Tax Overview for any year. To do this, log into your HMRC account and go to the ‘Important information’ section on ‘At a glance’ where you will find instructions for printing.

If you have used an accountant they will be able to obtain the information for you although you will, of course, need to have submitted the return and your accountant is likely to charge you!

Hopefully this information is useful to know, as failure to provide your latest SA302 will only result in delayed applications.

Whilst I’m on the matter of reminders…

Remember, from Monday 1 October 2018 the Mandatory HMO Licensing Scheme is being extended to any landlord who lets a property to five or more people, from two or more separate households, sharing basic amenities. Failure to comply will be a criminal offence.

Need more information?

Mandatory HMO Licensing Part 1: Extension of the scheme
Even if a property does not require a Mandatory Licence, it may still need a licence!

Mandatory HMO Licensing Part 2: New conditions
New minimum bedroom sizes and rules for the disposal of waste. Here’s what you need to know...

 

If you have an further questions chat to us now on 0345 345 6788. We are open Monday to Friday 8.30am to 6pm.


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NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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