Santander announces 2016/2017 self-employed tax returns cut-off date for mortgage applications

by Aaron Strutt

Oct 10 2018

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

For mortgages submitted from Saturday 6 October, the evidence of the most recent year-end can't be for the 2016/2017 tax year as most lenders would require more up-to-date income evidence.

Aaron Strutt, product director at Trinity Financial, says: "If you are applying for a mortgage and you’re self-employed it is vital 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.  

"Some of the lenders will potentially accept applications from self-employed borrowers using 2017 accounts but this is on a case-by-case basis."

Trinity’s broker recently secured a mortgage for a wealthy client through a private bank who did not have their 2017/18 tax return. The bank worked off their previous two year’s figures and an accountants projection of the anticipated income.

For another client, we obtained a mortgage through a bank using an average of the latest year's profits plus a projection of the profits for the following year. This income was higher than the last two years profits so he could secure a larger mortgage loan. 

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