Following our ongoing commitment to ensure our mortgage credit policy remains fit for purpose, we’re changing the documentation required to evidence income for self-employed mortgage applicants.

What’s changing?

We are implementing a new document request for Sole Traders, Partnerships and LLP with less than 200 partners.

With effect from today, Monday 27^th September, we will require the following documents to support your customer’s application:

·        Accountants Letter to confirm the last two years Turnover, Net profit and any Government Support received. If you are unable to provide an accountants letter, please visit our website for alternative options.

·        The latest three months’ worth of business bank statements (or personal account statements if used for business purposes) of which the latest must be dated within 35 days of the application.

·        Last two years Tax Calculations and corresponding Tax Year Overviews.

·        The latest year’s accounts to be dated after 30^th September 2020. However, if the latest year is on or before this date, we can only proceed where the latest year shows an increase in Net profit from the previous year. Where there has been a reduction in Net profit we would be unable to proceed.

Please note, there are no changes to the requirements for Limited Companies or LLPs with 200 or more partners.

The Criteria section on our Broker website will be updated shortly to reflect these changes.

Further information

Chat with us, call our Broker Support Team on 0345 600 5847 (Monday to Friday, 9am to 5pm) or contact your local BDM.

HSBC UK

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