Architects might be newly qualified or long experienced, and either contractors, self-employed or employees. Add to that a complex and varied mortgage marketplace and knowing where to look to get the best deal for you can be challenging. Different lenders have different criteria and many deals aren’t available on the high street. However, no matter what stage you are at in your career, and no matter whether you’re looking for a first-time mortgage, a remortgage or planning a home move, Just Mortgage Brokers can help. We have access to lenders from across the UK mortgage market – including some who specialise in providing mortgages to professionals, such as architects.
What challenges do architects face when looking for a mortgage?
As professionals who are often self-employed, architects can sometimes find it difficult to find the mortgage that’s right for them. That’s because even though they may enjoy a healthy income, the manner in which they earn it doesn’t easily fit with the “tick-box” approach of many high-street lenders. Rather than regular payments from an employer, they may have irregular contracts and commissions. On the plus side, degree-qualified professionals such as architects are often low-risk borrowers with the potential to be high earners, and that’s attractive to a lender.
Mortgages for architects
Potentially, all prospective borrowers can choose from the full range of available mortgages, no matter what their profession. There is no such thing as an “architect’s mortgage”. Repayment mortgages are the most popular today but interest-only mortgages, while less common, may be available where a suitable repayment vehicle is in place to repay the balance at the end of the term. In terms of mortgage products, fixed rate, tracker mortgages and other types of deal are all available to architects.
One type of mortgage that might potentially be attractive to architects is a self-build mortgage. These differ from a regular residential mortgage in that the mortgage funds, rather than being released as a single lump sum, are made available at defined stages in the build process, from the purchase of the land, through various stages of construction to completion.
Whatever type of mortgage you might be interested in, a specialist mortgage broker will be able to offer advice as to which is best for you.
How do I prove my income?
If you work for a company, then copies of your payslips will be accepted as proof of income. If you are a contractor, then you will usually need a copy of your current contract, your P60 (End of Year Certificate) for the last tax year or two, and three months’ worth of personal bank statements.
If you are self-employed, you will generally be expected to produce the last two years’ worth of accounts (perhaps more, depending on the lender) prepared by a chartered accountant. The lender may well work with an average earnings figure over the period the accounts cover, rather than accepting the latest year’s income.
It is also sometimes possible to get a mortgage with just a year’s worth of accounts; a mortgage broker with access to more specialist lenders is best placed to offer advice on that.
How much can I borrow? And how much will it cost?
When deciding how much they are prepared to offer, a lender will look at both your income and your expenditure to carry out an affordability assessment. Your credit rating will also have an impact on their decision. Being a degree-qualified professional is likely to work in your favour, as you may be deemed a lower-risk borrower.
How Just Mortgage Brokers can help
Just Mortgage Brokers has a team of qualified, professional brokers with many years of experience helping architects find the best mortgage for them. Contact us for impartial advice about the best type of mortgage to suit your unique circumstances. We can deal with the process from beginning to end, providing a seamless and effortless experience from initial enquiry to receiving the keys to your new home.