Can you get a mortgage without an SA302?
Yes. The SA302 is just one way to prove income — and for contractors and directors it is usually the worst one. Specialist lenders will instead assess your current contract, your company accounts and retained profit, or your gross CIS payslips, and lend on what you genuinely earn.
Why the SA302 works against you
An SA302 is HMRC’s summary of the income you personally declared. That is fine for an employee, but it misrepresents two of the largest groups in contracting:
- Contractors assessed on net profit see expenses stripped out, leaving a figure well below their gross day rate.
- Limited company directors typically draw a small salary and modest dividends, leaving profit in the business — so the SA302 shows a fraction of the company’s true earnings.
The result is the same: a number that makes you look like you earn far less than you do, and a borrowing cap to match.
The gap an SA302 creates
Declared on SA302: £40,000
Borrowing on the SA302 at 4.5×: ≈ £180,000
Borrowing on true earnings at 4.5×: ≈ £585,000
Same income. The SA302, used alone, costs this director over £400,000 of borrowing.
What lenders accept instead
- Your current contract — for day-rate contractors, assessed via the 46-week method.
- Company accounts and retained profit — for directors; see retained profit mortgages.
- An accountant’s reference — a qualified accountant confirming income and profit.
- Gross CIS or umbrella payslips — for CIS subcontractors and umbrella employees.
- You don’t need to rely on an SA302 — it’s one option among several.
- For contractors and directors it almost always understates real income.
- Contract value, company profit, accountant references and gross payslips are all accepted by the right lenders.
- Placement is everything: the same income gets very different offers depending on the lender.
If a high-street lender has anchored on your SA302 and offered far less than you expected, that’s a placement problem, not an income problem. Speak to an adviser about which lenders will assess you properly.
Mortgages without an SA302, answered
Can I really get a mortgage without an SA302?+
Yes. While many lenders ask for SA302s, specialist lenders assess contractors on their current contract, directors on company accounts and retained profit, and CIS workers on gross payslips. The SA302 is one route to proving income, not the only one.
Why does my SA302 show less than I earn?+
An SA302 reflects only the income you personally drew and declared. Contractors assessed on net profit, and directors taking a low salary plus dividends, both show a figure far below their true earning power — by design, for tax efficiency.
What do lenders accept instead of an SA302?+
Depending on your situation: a signed current contract, an accountant’s reference, finalised company accounts including retained profit, or recent CIS or umbrella payslips. A broker matches your evidence to a lender that accepts it.
Do I still need any HMRC documents?+
Often a recent SA302 and Tax Year Overview help support an application even when they aren’t the primary basis. They’re useful corroboration — just not the ceiling on what you can borrow.