Partners in professional partnerships do not need to provide full accounts to support their application. Where the case is 85% loan to value or below, we will underwrite against an income reference supplied by the partnership’s accountant, a senior partner or practice manager.
The following professions are commonly established on a partnership basis:
- Qualified medical doctors and surgeons;
- Barristers in chambers;
- Veterinary surgeons;
- Qualified architects;
- Qualified accountants; and
- Chartered surveyors.
Newly qualified dentists
As the final part of their training, dentists will complete 12 months employment within the NHS. At which point many will move to a private practice, often on a self-employed basis which can limit the availability of mortgage finance.
In these circumstances, we will underwrite applications from recently qualified dentists, subject to the following criteria:
- The maximum mortgage amount cannot exceed £450,000;
- The maximum loan to value is 90%;
- Your client must have been employed within private practices for a minimum of six months (monthly pay schedules to be provided);
- We will require a Professional Partners reference from the Practice Principle confirming the Unit of Dental Activity target and your clients earnings to date.
We can consider applications where your client is employed by two practices, however they will be subject to Credit Committee approval.
Ms D was a qualified solicitor for eight years.
In the last 12 months Ms D had been promoted to partner of the practice. As a result she changed her employment status from PAYE to self-employed. Her broker contacted us as her employment status change took place in the year leading up to applying for a new mortgage.
A mortgage was agreed for Ms D and underwriting was concluded based on a reference supplied by the senior partner within the practice.
Mr T was a qualified vet who had been based in the current practice for 12 months.
Although Mr T was employed on a self-employed basis we were able to agree a mortgage with allowable income being verified through a reference completed by the Practice Principle.