Mortgages for Accountants

We are people, just like you

Applying for a mortgage as an Accountant will generally be a smooth process, but it can raise a few challenges, particularly if you’re self employed. 

Whether you’re an experienced accountant, have recently started a new accounting role or are a newly qualified accountant, we can help you secure the right mortgage.

Do accountants get better mortgages?

Accountants have to go through the same application process as anyone when applying for a mortgage; however, they may receive some benefits due to the job role.

Due to the high income accountants can earn, they may receive better interest rates, more flexible terms and larger loans. 

To get the best deal possible, there are some basic steps you can take:

  • Check your credit score and correct any errors;
  • Ensure you’re on the electoral register;
  • If you are self employed, make sure your HMRC accounts are up to date; 
  • Gather all your payslips if you’re employed;
  • Gather bank statements, bills and your ID ahead of time.

Are mortgages for accountants easy to obtain?

If you are a qualified accountant, it is likely you have a number of years experience and training under your belt. Some lenders will recognise this and will offer some flexibility to accountants applying for a mortgage, therefore making it slightly easier. 

Lenders may be less strict with their criteria, even if you are recently qualified or self-employed. After years of studying, lenders may consider you a low-risk borrower as there is less chance you will change your career. 

This doesn’t mean you are guaranteed to be accepted for a mortgage, but it certainly gives you a helping hand.

How do mortgages for accountants work?

Accountants are classed as professionals, and therefore may be able to receive preferential mortgage rates as they are deemed low risk borrowers. 

Some lenders may offer completely separate and exclusive product ranges and deals to accountants, whilst others may provide discounts. 

Since some lenders view some professions more favourably than others, the mortgage lender you approach can make quite a difference to the deal you end up with.

How do lenders work out what an accountant can borrow?

Mortgage lenders will use affordability calculators to determine how much an accountant can borrow. These calculators are used to safeguard lenders as they need to be sure you can afford the mortgage repayments both now and in the future.

Each mortgage lender has their own affordability calculator, so you may be offered different amounts from different lenders. 

You can make the process easier for yourself by speaking to expert mortgage advisors such as ourselves. We will be able to calculate your affordability for you, doing all the necessary research on your behalf. 

This is a good way of finding lenders who will match or offer similar to the borrowing amount you will need

How do I prove my income as an accountant?

Just like with any mortgage application, you will need to show your income in your application.

You will need to show 3-6 months worth of payslips if you work for an employer, or 3 months worth of accounts if you’re self-employed.

If you are newly qualified or employed, it is likely that you won't have enough payslips to show. Instead, your contract of employment can be used to assess your income, as it will state the income you’re expected to receive in your role. 

If you have only been self-employed for a short period of time, lenders will usually accept the accounts you have. They also accept the SA302 tax statements that the HMRC will give you if you have filed your annual tax return. 

While many lenders require self-employed applicants to have been trading for 2 years, there are some that will consider an application with just one year's accounts.

If you have recently become self-employed due to becoming a partner in an established accountancy practice, we may be able to help you obtain a mortgage straight away, rather than having to wait until you have completed a year with the firm - there are lenders who will view this as a positive career move and base your income on the expected amount you will earn from the practice.

What are the benefits of a specific mortgage for accountants?

If you are a qualified and high earning accountant, you may potentially benefit from a large mortgage loan amount due to your financial status. You could also be eligible for a ‘high-income multiple mortgage.’ This means as a professional, you could borrow a mortgage for up to 5.5 times your salary. 

Not all lenders will offer this though, which is why shopping around is so important.

You will also benefit from more competitive interest rates from a current high salary or proof of high future income. You could also benefit from reduced deposits and flexible terms. 

FAQs about Accountant Mortgages

Can you get a mortgage as a trainee accountant?

Yes, some lenders will consider trainee accountants as they will base their affordability calculator on a predicted future income once you have completed your training. 

Some lenders will be more willing than others to accept trainee accountants, but there are lenders out there who will accept you. 

Using mortgage advisors, like the team at Go2Mortgage, will help you get a better understanding of the types of rates you may be looking at from lenders who will accept you. 

Can you get an accountant’s mortgage if you are self-employed?

Yes, you can get a mortgage if you’re a self-employed accountant. However, the complication comes when you need to prove your income. 

Being self-employed, your income will likely fluctuate. However, lenders can take an average income in order to meet their affordability calculator. Again, be mindful as this may vary depending on the calculation the lender uses.