24 May 2017
Refreshing approach from Tipton around underwriting for professionals.
Partners in professional partnerships do not need to provide full accounts to support their application. Where the case is 85% or below loan to value, they 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:
They will underwrite applications from self-employed dentists on the following criteria:
They can also consider applications where your customer is employed by two practices, however they will be subject to Credit Committee approval.
Here are a couple of case studies that you may find useful.
Case study One
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.
Case study Two
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.
For more information visit their website here.