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Employed accountants will usually prove their income to a mortgage lender in the usual way by submitting three to six months’ worth of payslips.
Many accountants are self-employed, however, either as sole traders or in partnerships, so this presents additional challenges around proving income when applying for a mortgage. As with any other self-employed applicant, you can expect your application to be assessed on the basis of your net profit, with the lender perhaps using the average of the last three years’ profits to take account of any periods when you may have had less work. Fluctuating earnings might be expected in the early years as you seek to establish your business, so if you’re newly self-employed, you might not be able to borrow as much.
Some lenders will accept applicants on the basis of just the previous year’s income, but if you want your application to be assessed on this basis, the choice of available products will be reduced.
You will need to produce accounts or SA302 tax returns to demonstrate your net profit. Any accounts will need to be prepared by another chartered/certified accountant.
In recognition of the high earnings potential associated with the accountancy profession, you may be able to borrow a significant sum, perhaps five times your income, or even higher.
You may be able to borrow up to 95% of the property value for a residential mortgage and up to 80% of the property value for a buy-to-let mortgage.
Interest only and capital repayment options will be available; as will fixed, discounted, tracker and capped rate options. Some products will also offer flexible features such as payment holidays and offsetting. When your initial rate comes to an end, it is likely you will be able to re-mortgage. Assuming you have a good credit history, you are likely to be able to secure a competitive interest rate.
These attractive options may be available to newly qualified and experienced accountants alike.
By consulting a mortgage adviser you could have access to a number of additional products. There are a number of specialist lenders - who aren’t on the high street, and whose names might not be familiar to you – who offer ‘professional’ mortgages, which are specifically designed for accountants such as yourself and members of the other professions.
A professional mortgage broker can identify the best solutions from lenders that will take into account all of your sources of income to help you secure a mortgage offer. They can help you identify how much you need to borrow and what you can reasonably afford to repay.
Many of the lenders that specialise in providing mortgages for professionals are not well-known high street names, and the only way you can obtain a mortgage with them is via an adviser.
Your adviser can then assist you once again when it’s time to consider re-mortgaging.
I approached Clifton Private Finance to help me get a mortgage as an Expat working in the Far East. I would normally 'cut out the middle man' on something like this and try to get myself a deal directly with the banks, but I am now sold on the broker concept and wouldn't hesitate to use Clifton Private Finance again. There were a number of complicating factors such as being an expat, the stamp duty holiday, the sheer amount I wanted to borrow and the fact I wanted it all wrapped up before the Stamp Duty holiday ended. It is clear to me now that the relationship that brokers have managed to foster with their banks means they can simply pull levers and make stuff happen that us ordinary folk cannot. Put simply, they are worth every penny, will take most of the stress out of the lending process, and seem to have access to deals that you just won't find on the internet. Thank you George and Jan for all your hard work!
Luther was excellent. Very clear in his advice and explanations of products and was able to move things on very quickly when we ran into difficulties with the estate agents. Without a doubt I would recommend Luther to all friends, family and colleagues. Luther was a joy to deal with and took a lot of the stress out of a troublesome transaction, from my end. I would view Luther as real asset to Clifton Private Finance Ltd.
The team at Clifton Private Finance has been outstanding, not only in helping me to obtain a mortgage on a slightly unusual home, but also in continuing to provide support and liaise with the lender and solicitors through to completion. Thank you for making the process of buying my first home much easier.
Sam O'Neill, and the new lender he identified for me, worked tirelessly together using my time constraints, to make sure my mortgage application was completed on time. They are a brilliant company to work with, fast, efficient, open and transparent from the very beginning, and turned a seemingly impossible situation into a viable one. Sam was brilliant throughout the whole process and I would highly recommend him, and his colleague Helen, to anyone without hesitation, I cannot speak highly enough about them.
I was incredibly lucky to find Clifton Private Finance after a search on line as their service has been more than exemplary. My point of contact was Sam 0’Neill and he was happy to help at every stage during the application of the bridging loan, making a stressful process much easier to deal with. He was always available by phone or email and gave prompt answers to queries I had as well as always getting back to me when he said he would. That to me is excellent customer service and I cannot thank him personally or the company enough for the support they have given me.
Adam cannot thank you enough for all your support throughout this arrangement. You have gone more than the extra mile to support us. Without you we would not have got our dream retirement home. You have been most professional and personable. Liz and I would be more than happy if you wanted to use us a reference with respect to any future clients.
Nigel & Liz K - Bristol
You have certainly shown me that you do everything for your clients, including tolerating their excessive emails and questions for updates. I have been kept in the loop, from yourself, about why the delays were occurring (Nationwide, post etc) which I would like to highlight that I really appreciated. I certainly will be able to recommend you to others as and when the need arises.
I recently contacted Clifton Private Finance after a Google search for bridging finance providers and was immediately struck by their efficiency and support. Forms were emailed over almost immediately and the necessary finance was arranged within a few days. None of the other companies I contacted came close to their professionalism, and the quote that I eventually received was impressive. Thank you Adam, your help has enabled us to reserve the house that we wanted and I certainly recommend you to others.
Mr M. R. - Oxford
Absolutely brilliant. The service was first class, got everything sorted efficiently and were always friendly. Any fees were negligible compared to the service offered. Robert was particularly outstanding.
My advisor, Robert, was very helpful in finding the mortgage to suit me. He kept me up to date throughout the process and dealt with any issues when they arose.