Help! CIS mortgage (construction industry scheme)

[2bluesandme]

Hi there,

I’m getting sick with worry. Has anyone’s Dh got a CIS mortgage with the Halifax. This is for people who are subcontractors / work in the construction industry for one company and that company pay their tax.

What documents did you need to provide and how easy (if at all) was it to get the mortgage approved? Any help would be great please.

These days, for self employed, most lenders work on HMRC forms SA302 which is a summary of the person's tax declarations from their self assessment tax returns. If the applicant submits their own tax returns, they can get the form from HMRC. If they use an accountant, then the accountant usually provides a substitute version with their official stamp or covering letter. But each lender will have their own rules, so it does depend. Some may insist on the use of a qualified/regulated accountant providing an income confirmation certificate. Usually, they want the last 3 years of income confirmation, but some may be happy with 2.

Thanks for your message. Although he’s self employed he is technically considered as employed by Halifax due to the fact that the firm he subcontracts for pay his tax via PAYE / Construction Industry Scheme. Just wondered if anyone has had any luck getting accepted lately for a CIS mortgage and what documents they require,

Halifax are really tricky for the self employed. I'd find a decent independent mortgage broker and use their expertise

This is Halifax's lending criteria that they provide to Mortgage Brokers... www.halifax-intermediaries.co.uk/criteria/mortgage/default.aspx

but I would recommend you talk to an independent, whole of market adviser because they will be able to take your full circumstances into account (I'm an ex-broker).