Proffesional mortgages – Accountants
Mortgages for Accountants:
As an accountant you will want to ensure that you are working with someone who understands the nuances of your financial statements.
If you are an employed accountant working for a large firm your, situation will often be more straightforward. However, it is still important to speak to a broker before approach a bank directly, as doing so could be costly.
A mortgage broker can help you find the best mortgage for your needs, while a bank can only offer its own products. Brokers have access to a wide range of lenders, which means they compare rates and terms to find the best deal for you. They can also help you through the entire mortgage process.
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Interest only Mortgage
Interest-only mortgages can be a good option for some people, but they come with risks. Regulations around interest-only mortgages have tightened, but they are still available under certain circumstances. For example, you may be able to get an interest-only mortgage if your earnings from employment or self employment exceed £251,000. However, borrowing above 75% of the property value must be taken on a capital and interest basis. If your income exceeds £300,000, you may be able to get an interest only mortgage through a private bank.
For more information on interest only mortgages please click here.
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Are specialist products available for accountants?
Newly qualified accountants (within 5 years of registration) may be eligible for specific mortgage products with enhanced lending multiples. For more information on eligibility, please visit our Young Professional mortgage page.Â
 If you do not meet the requirements for young professional products, there may still be products available to you based on your income. Most banks offer enhanced lending multiples to high earners. The typical maximum multiple is 5.5x, but more can be achieved under certain circumstances.Â
We How we have helped other accountants
We were approached by a client who was a partner in a large US accounting firm. They were being paid based on profit share, instead of a standard salary. They also wanted to purchase a property with their partner, but this presented some challenges as they owned a number of buy-to-let properties.
The property was valued at £1.66m and the intended borrowing was £1.25m. Due to the client’s overall situation, the bank was able to offer a loan that was part interest and part repayment. This was an attractive proposition as it provided comfortable monthly payments and allowed for one-off payments to be made when final distribution payments were made by the firm.
The lender we recommended was also able to use information provided by the firm to support the lending application. This can be particularly useful where clients are subject to dual taxation as it ensures the right outcome is achieved.
If you are in a similar situation to the client described above, or if you would like to learn more about the options that may be available to you, please contact Orton Financial
This information was correct at the time of writing. Last updated 10/05/23.Â
