From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

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Income verification for the self-employed

Mortgage lenders have to verify the income declared by self employed people. This is a requirement of the Financial Conduct Authority but shouldn’t cause any significant delays if you take a few steps. Most firms would like to see three years audited accounts though some lenders will accept just two years. If you haven’t been in business for long enough, the lender should accept a letter of confirmation from an accountant.

Firms will also want to see tax calculation form SA302 if you have earnings from more than one source or are self-employed, and self-employed people should look to provide information alongside their tax return, which supports what the SA302 says about their income, such as bank statements.

If you use HMRC’s online services do your Self Assessment tax return, you can print:

  • a tax year overview for any year
  • a tax calculation (the SA302) for the last 3 years.

To find out how you do this visit the Government's Self Assessment webpage.  

HMRC have issued a list of lenders or mortgage providers who accept a SA302 tax year calculation or tax year overview printed from online accounts or from the commercial software used to submit returns.  The list can be found on the Government's website.  Please not that the list is being updated all the time so your preferred lender may accept downloaded SA302 forms even if they are not on the list.