Mortgage for Accountants

“We tailor our advice to you and manage everything with the lender from that initial application all the way through to your mortgage offer. Then we work with your solicitors right through to completion.”

Mike Haupt – Mortgage Adviser 

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Mortgage for Accountants

Mike Haupt talks about the mortgage options for accountants.

Are there specific mortgages for accountants?

No, not specifically. But because accountancy involves a professional qualification, you will have access to both the core range of mortgages provided by lenders and also their professional ranges.

That’s a really great thing – it means you’ve got the best of both worlds. You’ve already got access to a competitive core range of mortgages but also this professional range.

We’ve done a podcast on professional mortgages before so please go back and have a listen to that – it will build on what we’re talking about here. A professional mortgage could offer more generous criteria and potentially better income multiplies.

What mortgage criteria do I need to meet as an accountant?

It’s lender and product dependent. If you’re just going through the normal core range from the banks, we would just make sure you’ve got the deposit and you meet the credit criteria and affordability criteria.

If we look at the professional range we might just need to demonstrate your qualifications and that you are active within an accountancy practice. There might be a couple of little nuances there, but we would run through that with you and gather all the paperwork.

How do lenders work out what I can borrow as an accountant?

It can vary depending on whether you’re an employed or self-employed professional. Either way, the bank would want to have a look at your income.

They’d also look at your outgoings like debts, student loans or car finance, dependents, lifestyle costs. They would then work out what you could borrow from there.

There’s no one size fits all answer – it’s very much down to the individual. That’s why when we talk to clients I always want to get an Agreement in Principle sorted out so we can confirm the amount of money that can be borrowed.

Do chartered accountants get better mortgages?

Not necessarily – it depends on whether we target the core range or the professional range, depending what’s the best thing for you. We ultimately always try to find the cheapest possible mortgage for you over your preferred period of time.

Can I get a mortgage as a trainee accountant?

As a trainee, you’d still absolutely have that core range of mortgages that’s available to everybody. You’ve still got a great range of mortgages to pick and choose from. With some lenders you might also be able to look at the professional range.

The advantage is that some lenders may have slightly more lenient criteria. They understand you’re qualifying to become a professional and that it can take time. There will be options both ways. So we will have a good conversation about where you are, what you’re looking to do and then try to find the best solution for you.

Why are mortgages for accountants sometimes easier to obtain?

The advantage of the professional mortgage ranges is that the criteria are based on knowledge of your industry. The lenders know that accountants will have a certain typical salary and they understand the complexity around the job itself. That way they can come up with some really good mortgage options for you.

Does It Cost For An Initial Chat?

Please don’t be afraid to pick up the telephone. Contact us with any questions or any conversations you want to have. There’s no commitment, there’s no silly questions. I’m here to try and help put your mind at ease, so let’s have a conversation and answer your questions.

Do mortgage lenders check an accountant’s qualifications?

If you’re applying for the normal core range of mortgages, no. Those products are available to anybody. If we’re looking at the professional range then yes, they may well ask to see your qualifications and evidence that you’re active within a practice.

It’s very much lender dependent. It would usually be me who double checks to make sure that you fit the criteria for that product.

How do I prove my income as a chartered accountant?

Typically as a chartered accountant you’re going to be self-employed. We would therefore look through your company accounts and assess your share of net profit; or we’ll look at your personal tax returns. However, if you’re employed it’s straightforward – we just need three months’ pay slips.

What obstacles might accountants encounter when applying for a mortgage?

Typically, complex income is the usual thing with someone in a profession. Accountants, solicitors and doctors are all people whose income stream can come from multiple different sources.

That’s especially the case if they’ve bought into a practice. It can be slightly more complex then. That’s where hopefully someone like myself with that knowledge of the market and the lenders can navigate that. We can show you the best options, and often with that professional range of mortgages lenders have a much greater understanding.

What mortgage benefits can I expect as an accountant?

That professional mortgage range potentially gives you a second set of options on top of the core mortgage range. If your circumstances are a little bit unusual and don’t necessarily fit the normal criteria, you will have more options. That is one of the big benefits.

How do I apply for a mortgage as an accountant? How can a mortgage broker help?

The process of applying for a mortgage as an accountant is very similar to normal. As I always say, start early. Talk to a mortgage broker as one of the first things you do, so that we really understand your circumstances, and we can select a lender that fits your personal circumstances.

We can then get you an Agreement in Principle, get the application done, arrange valuations, get an offer and take it through to completion. There’s nothing unusual in that process – typically, it’s all about the preparation work at the beginning. That’s where we can make a big difference on timescales and make the process smooth and stress-free.

There are a lot of nuances that can make a big difference to you getting the right mortgage for your circumstances. That’s where we can help. We take the challenges out of the equation for you, to make it as smooth and seamless as possible.


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