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Welcome to Strive, Mortgage Brokers For Accountants
Whether you are employed, self-employed, or a newly qualified accountant, we can help. We work with members of the ICAEW to secure mortgages for accountants on UK property.
We provide insightful, expert mortgage advice and can secure increased loan-to-values and income multiples for accounting professionals. Whether you are a first-time buyer, home mover, looking to remortgage, or investing in property, we are the first choice for accountants’ mortgages.
In this guide we cover the essentials you’ll need to consider when applying for a mortgage as an accountancy professional.
How much can I borrow on an accountant’s mortgage?
This will depend on several factors, including your deposit level, credit score, and income level and type. Typically, lenders will consider 4.5 to 5 times your earnings, although this can vary considerably. Those with higher earnings may be able to secure higher multiples, for example, up to 5.5 times income, or on professional mortgages, potentially up to 6 times income. Those with higher deposits and higher incomes will stand a better chance of unlocking the higher income multiples.
Can accountants get a higher mortgage?
Potentially, yes. There are professional mortgages available to individuals in certain professions, including accountants, lawyers, doctors, and surveyors. These mortgages are designed for newly qualified accountants who are in the early stages of their careers and expect a significant increase in earnings in the future. Professional mortgage lenders will consider the earning power of certain professionals and may offer increased multiples, up to 6 times income.
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Can I get a mortgage with 1 year of self-employment?
Yes, while the vast majority of lenders require at least 2 years of accounts for a mortgage, there are lenders who consider applicants with only 1 year of accounts. More leniency may be offered to those in respected professions like accountancy. If you have a track record in your line of work, for example, moving from being an employed accountant to a self-employed one, it will help increase your chances. Having projections for the following year can also bolster your chances of success with the application.
What’s a professional mortgage for accountants?
A professional mortgage for accountants is a specialised mortgage designed for individuals in the accountancy profession. It offers favourable terms, such as higher income multiples (up to six times income) and flexible lending criteria, especially for newly qualified or self-employed accountants. This type of mortgage accommodates the unique financial situations and future earning potential of accountants.
Can I use retained profits to get a mortgage?
If you’re a self-employed accountant and the director of your own accountancy firm, you may be able to borrow based on your company’s profits rather than just your drawings. Most lenders only consider drawings, which can limit your borrowing power.
However, some lenders understand the nuances of income structures for company directors and will lend based on your share of net profit after corporation tax plus salary. A small proportion of lenders even consider pre-corporation tax profits and retained profits from previous years.
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Are mortgages for accountants easy to obtain?
For the most part, they are similar to mortgages for any other profession but have some advantages due to the reliable nature of the profession and potentially higher-than-average incomes. Accountants may have access to professional mortgages, which offer higher income multiples. However, the profession can present complex income types, which can pose challenges. Overall, being an accountant generally puts you in a good position to secure a mortgage.
How do I prove my income as an accountant?
This will depend on your income and employment status. Employed accountants will likely need to provide three months’ payslips to evidence income, or more if using additional income like bonuses. Self-employed sole traders usually need two years of SA302s and overviews, while company directors typically need two years of accounts or an accountant’s reference. This is in addition to the usual documents like bank statements and proof of deposit.
How can I get a good deal on my accountant’s mortgage?
There are several ways to help ensure you have the best chance of securing a good deal. Speak to a mortgage broker who specialises in mortgages for accountants to maximise your chances of success. Ensure the broker has access to the whole market. Increasing your deposit can also improve rates, with better deals typically available at 5%, 10%, 15%, 25%, and 40% deposit levels. Additionally, maintaining a good credit score and profile, along with a steady employment history, will always work in your favour.
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What sort of accountant’s mortgage can I get?
Accountants have access to a wide range of mortgage products similar to those offered to other professionals. These include fixed-rate mortgages, typically fixed for 2, 3, 5, or 10 years, and variable or tracker mortgages that may track the Bank of England base rate or the lender’s variable rate. You can choose between repayment or interest-only mortgages. Additionally, if you have surplus funds, you may want to consider an offset mortgage, where your savings can be offset against the interest you pay on your mortgage.
Strive, specialist mortgage brokers for accountants
Strive are specialist mortgage brokers for accountants. We work with members of the ICAEW to secure mortgages for accountants on UK property. We understand the nuances and unique aspects of the profession, allowing us to provide expert advice to ensure you have the best chance of securing the best deal available. We will assist you throughout the entire process, from start to finish. Acknowledging that accountancy can be a time-consuming role, we ensure our services accommodate your schedule.
Contact us today, and we’ll work hard on your behalf to find you a competitive mortgage.
For more information on mortgages for contractors, please contact a member of the Strive team, by emailing [email protected] or call us on 01273 002697.
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Jamie Elvin
Jamie is an expert in all things mortgages, and our most experienced broker. Connect with Jamie and get started to see how Strive Mortgages can help you.
