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News - 21 January 2015

Mortgage lenders have not acted on new HMRC rules

Processing times for mortgage applications has increased with the introduction of the mortgage market review last year, however, mortgage lenders have not put in place an HMRC update allowing self-employed mortgage applicants to use self-verified documents in applications, which should help advisers and applicants save time.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Prior to the change mortgage lenders have required self-employed applicants to self-serve, and provide copies of the tax calculation and the tax year overview, which were verified by HMRC. The change means that customers can print off this information without reference to HMRC.”

A spokesman from HMRC said it made the change to the documentation process in December together with the CML (The Council of Mortgage Lenders), and that HMRC had informed trade bodies, such as the Chartered Institute of Taxation, of the change on December 19.

A spokesman for the Halifax said: “As far as we are concerned the update is still at industry level, and the CML is liaising with HMRC on behalf of the industry.”

A spokeswoman for Nationwide, which owns The Mortgage Works, said: “Nationwide is aware of the improvements HMRC has announced and is reviewing how we can make use of the changes.”

The CML said: “Lenders have now received these new guidelines and will review how to incorporate them into their own practices. Any borrower who would like to know how this may affect them should contact their lender directly for clarification.”

If you are Self-Employed and need any help and advice for your business on financing, cash-flow, management accounts or business development and or recovery, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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