Mortgage - Contractor, need some help please

[AndStilliRise]

As a contractor i guess we are always trying to reduce the amount of tax we pay however it seems that when applying for a new mortgage i am going to struggle to raise the funds i need to buy a property. The last time i applied the [Bank] wanted proof of my tax return SA60 which i was not able to generate. Having phoned the SA phone line they have extended my joy by providing me with a £600 fine.

Anyone know how i can do anything about this, it seems as though i am stuck in the current property for the foreseeable future.

[0000]

I used http://www.contractorfinancials.com/

Don't even know what an SA60 is. Just needed a contract with a day rate and a few months of bank statements, IIRC.

[39sl]

I think you may mean a P60 or an SA302
Both show tax paid but from slightly different perspectives

I am a contractor and have just received a mortgage offer from Halifax. It was based upon my contract and copy of my CV to verify my history in IT.

Mortgages are available for contractors but the bigger the deposit, the easier it is to get a mortgage; we have put in 25% deposit but I know you could go to 10% deposit if this worked for you

Sarnie on here is the point man for mortgages 👍

[AndStilliRise]

SA302. That was it. Thanks everyone I might have to have another go. The thought of living in the same house for another 10 years is driving me nuts.

[Eric Mc]

How on earth did requesting an SA302 result in a fine of £600.

Surely you were submitting your tax returns properly?

[AndStilliRise]

Eric Mc said:

How on earth did requesting an SA302 result in a fine of £600.

Surely you were submitting your tax returns properly?

F knows. I think it was 500 a then trying to get the dickwad of accountant to get it sorted out resulted in it being late. F awesome. Sometimes I feel as though I am working to just to pay HMRC.

[Sarnie]

39sl said:

I think you may mean a P60 or an SA302
Both show tax paid but from slightly different perspectives

I am a contractor and have just received a mortgage offer from Halifax. It was based upon my contract and copy of my CV to verify my history in IT.

Mortgages are available for contractors but the bigger the deposit, the easier it is to get a mortgage; we have put in 25% deposit but I know you could go to 10% deposit if this worked for you

Sarnie on here is the point man for mortgages ??

Thanks Steve!

OP, happy to help if you need it!

[Eric Mc]

AndStilliRise said:

Eric Mc said:

How on earth did requesting an SA302 result in a fine of £600.

Surely you were submitting your tax returns properly?

F knows. I think it was 500 a then trying to get the dickwad of accountant to get it sorted out resulted in it being late. F awesome. Sometimes I feel as though I am working to just to pay HMRC.

It sound s like your tax return was very late going in.

I hope you are on top of the 2014/15 tax return - which must be in by 31 January 2016.

Are you operating through your own limited company?

[AndStilliRise]

Eric Mc said:

It sound s like your tax return was very late going in.

I hope you are on top of the 2014/15 tax return - which must be in by 31 January 2016.

Are you operating through your own limited company?

Limited company yes. And the fine I am not sure and I can't think about it anymore. It's been a shockingly st w/e which does not seem like ending.

[Mattt]

Sounds like you need a new accountant.

[worsy]

Sarnie said:

39sl said:

I think you may mean a P60 or an SA302
Both show tax paid but from slightly different perspectives

I am a contractor and have just received a mortgage offer from Halifax. It was based upon my contract and copy of my CV to verify my history in IT.

Mortgages are available for contractors but the bigger the deposit, the easier it is to get a mortgage; we have put in 25% deposit but I know you could go to 10% deposit if this worked for you

Sarnie on here is the point man for mortgages ??

Thanks Steve!

OP, happy to help if you need it!

Not used Sarnie but would echo the view to use a broker. I was turned down by my bank of 25 years, who I have had two mortgages with previously as my turnover and profit had declined for the last 3 years.

Turnover had fallen as I was WFH and no longer billing expenses. Profit had declined as I had increased my salary to dividend ratio. All easily explained.

Anyway, a local broker managed to secure a high street lender offer without issue.

[Sarnie]

worsy said:

Sarnie said:

39sl said:

I think you may mean a P60 or an SA302
Both show tax paid but from slightly different perspectives

I am a contractor and have just received a mortgage offer from Halifax. It was based upon my contract and copy of my CV to verify my history in IT.

Mortgages are available for contractors but the bigger the deposit, the easier it is to get a mortgage; we have put in 25% deposit but I know you could go to 10% deposit if this worked for you

Sarnie on here is the point man for mortgages ??

Thanks Steve!

OP, happy to help if you need it!

Not used Sarnie but would echo the view to use a broker. I was turned down by my bank of 25 years, who I have had two mortgages with previously as my turnover and profit had declined for the last 3 years.

Turnover had fallen as I was WFH and no longer billing expenses. Profit had declined as I had increased my salary to dividend ratio. All easily explained.

Anyway, a local broker managed to secure a high street lender offer without issue.

Indeed, as you alluded to, there is no sentiment in the mortgage lending environment.

I often have people telling me;

"My bank have said no, even though what I'm applying for costs less than the current mortgage that I've been paying for X,Y,Z years!"

Doesn't matter. If your details do not fit criteria, it's a no, no matter who you are, your payment history or how friendly you are with the local branch manager......