Mortgage 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.