Mortgage for Accountants
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Mortgage for Accountants
Are there specific mortgages for accountants?
Yes, there are several mortgage options designed to accommodate accountants, based on the stability and reliability that lenders associate with this profession.
These options are normally classed as ‘professional’ mortgage products, and may offer more flexibility with income verification, income multiples and lending criteria.
What criteria do I need to meet as an accountant?
As an accountant, you’ll need to meet the standard criteria for any mortgage, which includes having a suitable credit score, a stable and verifiable income, an appropriate deposit and proof of employment status. Lenders may also consider the financial stability and professionalism associated with your career.
How do lenders work out what I can borrow as an accountant?
Lenders use affordability calculators to work out your borrowing potential based on income, outgoings and credit history. If you’re self-employed, they might ask for tax documents and/or accounts from previous years to assess your income consistency.
Accountants may have access to higher Loan to Value ratios and income multiples due to the profession having a higher income trajectory as an accountant’s career progresses.
Do chartered accountants get better mortgages?
In some cases, yes, because being a chartered accountant may make lenders more inclined to offer favourable terms. Accountancy demonstrates a high level of professionalism and financial acumen. However, your financial status will still be the key factor in the approval process.
Can I get a mortgage as a trainee accountant?
Yes, it’s definitely possible to get a mortgage as a trainee accountant. It might be more challenging if your income is lower or less established compared to a fully qualified accountant. Some lenders might also require you to have been in the role for a certain period before considering your application.
Why are mortgages for accountants sometimes easier to obtain? Are they?
Accountants are often seen as financially responsible, due to their expertise in managing finances. Lenders tend to trust that accountants have stable, predictable income and can provide clear documentation. That makes the mortgage application process smoother.
Do mortgage lenders check an accountant’s qualifications?
Most mortgage lenders do not specifically check whether you’re qualified on most mortgage products, but having professional credentials such as ACA, ACCA or CIMA will be beneficial when applying for any professional mortgages.
This demonstrates a high level of financial knowledge and expertise, which gives you access to these products – because you can demonstrate qualifications which reinforce your credibility.
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We support clients through a daunting process, looking at your circumstances and taking time to understand your priorities. We then research the market for the most appropriate options based on those needs.
How do I prove my income as a chartered accountant?
Preparation is always key. If you’re employed, we normally need the latest three payslips, or sometimes just one if you receive a basic income. We also need bank statements to confirm that income.
If you’re self-employed, lenders typically ask for tax-return related documents such as tax computations and tax year overviews. They may also request accounts from the last few years to assess your financial situation.
For self-employed accountants, whilst you may do your own accounts and tax returns, we strongly recommend that you get an independent accountant to complete those. This way you can demonstrate to a lender that your financial records were independently verified, which can strengthen your application.
What obstacles might accountants encounter when applying for a mortgage?
Self-employed accountants might face challenges improving income stability, especially if their earnings fluctuate. Also, those on short-term contracts may also struggle to demonstrate long-term financial security – because some lenders have a minimum period they like somebody to have been contracting. Alternatively, they may require a minimum period left on your contract.
What mortgage benefits can I expect as an accountant?
Accountants may be offered more favourable terms, such as lower interest rates or more flexibility with lending criteria, primarily because lenders view you as low risk borrowers due to this profession’s financial expertise.
Can I get a mortgage as a self-employed accountant?
Yes, of course self-employed accountants can apply for a mortgage. Many lenders view self-employed accountants as financially stable, particularly if they have a track record of consistent earnings.
You may need to provide additional documentation such as tax return-related records like tax computations and tax year overviews. You may also need bank statements.
To reiterate, if you are doing your own returns, try and get the latest ones completed by an independent accountant because it just makes the process smoother with lenders. They can see that it was independently verified.
How do I apply for a mortgage as an accountant? How can a mortgage broker help here?
The process is very similar to any other mortgage application, but if you’re self-employed or have a complex financial situation, a mortgage broker can definitely help by guiding you through the different documentation lenders might request.
We can also help you work through the suitable mortgage options for your situation and assist in meeting the lender’s requirements. As a number of lenders are broker-only, we have access to lenders you wouldn’t be able to reach directly.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate it will be £499.
Chirag Patel trading as CKN Mortgages is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.