HMRC checking mortgage applications

HMRC launched the new Mortgage Verification Scheme on 1st September 2011. The scheme involves mortgage lenders cross-checking information regarding income declared on mortgage applications against HMRC income records.

HMRC will be able to request full details of income declared to mortgage lenders and carry out their own cross-checking. There are often valid reasons for such differences and it will be important to make it clear at the application stage why there may be differences between income declared to your lender and income declared on your tax return.

You should speak to your professional advisor before making a declaration of income to your mortgage lender. If you believe that this is something we can help you with, get in touch with us now!