If you’re preparing to apply for a Proof of Income for Mortgage, one of the key things your lender will look at is your income. But the type of documents you’ll need to provide depends on how you earn, whether you’re employed or self-employed.
As a mortgage broker, I help clients from all kinds of employment backgrounds, and one of the most common questions I get is: What proof of income do I need? So let’s break it down.
If You’re Employed
If you’re in a job where you receive regular pay slips, the process is fairly straightforward. However, there are still some variations depending on how frequently you’re paid.
Here’s what you’ll usually need:
- Monthly pay: The last 3 months’ pay slips
- Weekly pay: The last 13 weeks’ pay slips
- Employment contract: Sometimes requested if you’ve been in the job less than 6 months, or if the payslips aren’t clear about your base salary or hours
- P60s: These are often needed if you earn bonuses or commission
- Bonus income: If you receive an annual bonus, lenders may ask for two years of payslips showing the bonus paid each year
The goal is to give the lender a full and accurate picture of your regular, reliable income. If bonuses or commissions are a big part of your earnings, lenders will want to see a consistent pattern over time.
If You’re Self-Employed
Things are a bit different if you run your own business or work as a freelancer. Lenders want to see evidence of consistent, sustainable income, and that means tax records and accounts.
Here’s what’s typically required:
- SA302s (tax calculations): Usually for the last two tax years
- Tax Year Overviews: These need to match your SA302s and are also taken from HMRC
- Finalised company accounts: If you run a Limited Company, lenders will often ask for the last two years of company accounts
Whether you’re a sole trader or run a limited company, lenders will assess your income slightly differently, and so will I as your broker when I’m helping you choose a lender and prepare your application.
If you’re unsure which documents you need, don’t worry, your accountant can help pull everything together, and I’ll guide you through every step.
Why Getting This Right Matters
Having the right documentation ready from the start can make a big difference in how smoothly your mortgage process goes. Missing or unclear income information can delay your application or even affect how much you’re able to borrow.
That’s why it’s so important to speak to a broker early. I’ll take the time to understand your employment status and guide you on exactly what paperwork you’ll need to provide.
If you’re thinking about buying or remortgaging, get in touch. I’ll help you prepare properly, so you can move forward with confidence.
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