Whether you are an employed or self-employed accountant, established or newly qualified, Chartered Accountant or Chartered Management Accountant, we can provide specialist mortgage advice to help you achieve your goals and protect your financial well-being.
As an independent broker, we have access to a wide range of lenders across the market, including specialist lenders who offer professional mortgages for accountants. We aim to find you the best deal for your circumstances and the borrowing with the most competitive mortgage repayments.
As a busy professional, we understand your time is at a premium. Therefore, we will manage the entire mortgage application process to ensure it goes as efficiently and smoothly as possible.
To book a consultation, please get in touch with Goldmanread today.
Is it easy for accountants to get a mortgage?
As an accounting professional, you have access to a wide range of mortgages and lenders. This is because mortgage lenders tend to view the accounting profession as low-risk.
Accountants are naturally seen as financially responsible individuals by lenders. Their expertise in managing financial records and demonstrating stable income can enhance their credibility in the eyes of mortgage providers.
Also, many accountants earn sizeable salaries, which helps meet lenders’ affordability criteria. Lenders are also likely to look favourably upon newly qualified accountants, as they have a clear career path ahead of them with the opportunity to grow their income.
As a result, many mortgage lenders offer attractive income multiples to established, newly qualified and trainee accountants.
How much can accountants borrow for a mortgage?
The amount you can borrow depends on whether you are a newly qualified accountant or in an established career. It also depends on your employment status, i.e. whether you are employed or self-employed.
Lenders will input details of your income and fixed outgoings into an affordability calculator to decide how much to loan. They will also factor in the property purchase price and loan-to-value ratio.
Different lenders offer different income multiples; for a fully qualified accountant with a good level of annual earnings, an offer of 5-5.5 times your annual salary is not uncommon. Some lenders may consider up to six times your income, even more in some circumstances.
Our mortgage services for professional accountants
When you work with Goldmanread, you can expect a complete and thorough service. From one finance professional to another, we will take care to understand your circumstances, financial situation and goals before searching for the right mortgage product from a wide range of high-street and specialist professional mortgage lenders.
Here is an overview of our process:
- A full review of your requirements, including purchase price, ideal property location and monthly budget.
- A thorough discussion of your current financial circumstances, including income, monthly liabilities and commitments and credit rating.
- Subject to your agreement, we will arrange an Agreement in Principle with your chosen lender to allow you to start the house-hunting process.
- Once you have found a property, we will submit the mortgage application on your behalf and manage the mortgage through to offer.
- Once offered, we will liaise with all parties to the mortgage, including the lender, solicitors and estate agents, until you reach completion.
Mortgages for self-employed accountants
Generally, accountants are assessed in the same way as other applicants for a self-employed mortgage. However, some lenders’ terms may be more favourable, considering accountants can earn sizeable salaries and are fiscally responsible.
Professional mortgage lenders differ in their assessments, but generally, they require the following:
- Business accounts – Lenders prefer self-employed individuals with a stable trading history and generally ask for two to three years of business accounts to demonstrate consistent income.
- Proof of income – Self-employed accountants need to provide evidence of income, such as tax returns, profit and loss statements, and business accounts. Lenders may assess your income based on the average of the past few years.
- Credit history – Lenders will check your credit report to assess your creditworthiness. A positive credit history can help you secure better mortgage terms.
- Deposit – The size of your deposit can influence your mortgage options. A larger deposit may improve your chances of approval and could result in better interest rates.
- Type of business structure – The structure of your business (sole trader, partnership, or limited company) can impact how lenders assess your income. Some lenders may have specific criteria for different business structures.
- Accountant’s certification – Most lenders require that your business accounts be audited by an independent accountant.
How do mortgage lenders assess a self-employed accountant’s income?
As a self-employed accountant (i.e., one operating as a sole trader, in a partnership or via a limited company), mortgage lenders will assess you based on your various income sources as declared to HMRC.
For a sole trader or partnership, this means your net profit. For a limited company director, this means a combination of your salary and dividends. Some lenders work on the net profit the business has generated before tax becomes payable.
Generally, lenders require three years’ worth of limited company accounts, the last three years SA302s, or online tax calculations together with the corresponding tax year overview to check that all tax owed has been paid. Lenders will also generally want to see three months’ worth of personal or business bank statements.
Can I get a self-employed accountant mortgage with one year of accounts?
While it’s generally more challenging for self-employed accountants (or any other profession) to secure a mortgage with only one year of accounts, it’s not impossible.
Most lenders prefer to see 2-3 years accounts as proof of income, so there will be far fewer options available to you. This is where the services of a mortgage broker like Goldmanread can be very valuable.
Some specialist lenders will consider the time spent in a previous accounting role, along with your period of self-employment. If you can prove you have a good track record in the accounting industry, this will give the lender some confidence when assessing you for a mortgage.
Can I use retained profits to get a mortgage?
It is common for limited company owners to retain profits in their business to lower their tax bill. This can be a hindrance when applying for a mortgage, as most lenders assess affordability by looking at salary and dividends or net profit.
Fortunately, there are lenders who will take retained profit into account, and an independent broker like Goldmanread can help you identify such lenders.
Can I get an accountant’s mortgage with bad credit?
If you are an accountant with a history of adverse credit, then you may still be able to secure a professional mortgage. Most mortgage lenders will consider applicants with a bad credit history, such as payment defaults, a CCJ or missed payments on a credit commitment.
However, a bad credit applicant cannot expect the most competitive interest rates, and the lender is likely to have more stringent criteria, such as a larger deposit.
Check your credit score
Professionals, and indeed anyone applying for a mortgage, should have a thorough understanding of their credit rating. You can easily check your credit report online from the three major providers: Equifax, Experian and Transunion.
At Goldmanread, we recommend CheckmyFile, as they provide a credit report that covers all three of the major credit reference companies.
Some providers offer free credit reports, but mostly, you will be required to pay a fee for the service.
Apply for mortgages for accountants with Goldmanread
Goldmanread is a dedicated mortgage broker for accounting professionals. Whether you’re a seasoned expert or newly qualified, you can benefit from our independent guidance, extensive lender network, and efficient end-to-end application process.
Contact us today to arrange a consultation.
Frequently asked questions about mortgages for accountants
Who is the best provider of accountants’ mortgages?
The professional mortgage market is sizeable, and most UK mortgage lenders will consider a self-employed accountant. It is important to find a mortgage lender who understands how self-employed applicants operate and who offers generous income multiples and good mortgage rates.
As an accountant, your self-employed business structure will influence how much you can borrow (see above).
Do mortgage lenders check an accountant’s qualifications?
Mortgages for accountants tend to attract enhanced terms, so only suitably qualified accountants qualify. Therefore, lenders generally require proof of your accounting role and qualifications.
So, gathering documentation of your qualifications before commencing the mortgage application process is a good idea. Your lender will certainly want sight of these documents before issuing a mortgage offer.
How can a broker help with mortgages for accountants?
When looking for a new professional mortgage, accountants can benefit from speaking with a suitably qualified mortgage broker for independent mortgage advice. A good broker has the experience, knowledge and industry contacts to ensure you get a good mortgage deal.
At Goldmanread, we can guide you through the mortgage application and advise which lenders offer the most competitive mortgage deals for your circumstances.