The Bank of England has increased the base rate by another 0.5% today taking the base rate to 2.25%, the highest in 14 years. This will influence affordability assessments to both residential mortgages and buy to let mortgages. Speak to your broker to find out how it affects you.
Most (not all) lenders require that personal tax returns are no more than 18 months old which means that Tax returns completed for Tax Year ending 5th April 2021 will be out of date on 5th October 2022. If you are planning to submit a mortgage application after that date and you are self employed or regularly submit tax returns it would be advisable to have the tax return for year ending 5 April 2022 completed and submitted to HMRC.
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