Since their inception, contractor mortgages have used day rates as the basis of affordability. A simple copy of a current contract, with renewal/extension where applicable, was evidence enough.
Since coming out of the first lockdown, many of our clients have seen lenders change tack.
Lenders still want to see the traditional income evidence. But they now also want to see SA302s.
This change has naturally worried many mortgage-holding contractors who still use LTD (PSCs) payment structures.
In this blog post, I hope to allay any fears. Plus, I’ll take a closer look at SA302s and how underwriters may want to use them from now on.
Continue reading about Since when did mortgage lenders ask for contractor SA302s?