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  • 5 Things That All Architects Should Understand About Mortgages

    Architects are among the professionals who earn the most amount of money. This makes them attractive to all lenders. Due to this, architects can borrow up to three or four times their annual salary without any problems.

    However, for an architect to secure the best mortgage or the right amount of mortgage loan that they need, they have to study different lenders and understand a couple of things about mortgages. They should also know the lenders who are likely to approve their applications.

    Just like other professionals, architects can go through fluctuations in their income. Their company structures and tax statuses can affect how lenders evaluate their applications. To get the best deal, architects need to understand the following things about mortgages;

    Good Mortgage Companies Will Offer Personalized Guidance and Support

    Architects are professionals at what they do. They know everything about their work and do not need guidance when handling their tasks. However, a bigger percentage of them are green when it comes to financial matters such as loans and mortgages.

    This explains the reason why they need to work with a top-rated mortgage lender who understands their requirements. Such a lender is going to listen to what an architect needs and offer personalized guidance and support.

    Since different borrowers have different requirements, this guidance and support play a crucial role in making sure that each architect gets what they need. It is, therefore, important to work with a good mortgage company.

    New Architects

    Getting a mortgage for an architect who has just graduated with an architecture degree might not be easy. This is because lenders will want to see your income and prove that it is consistent. They mostly ask for your last three months’ payslips and bank statements.

    However, this does not mean that you cannot qualify for a mortgage even if you are still under probation for the firm that you are working for. In addition, you can also apply for a mortgage in principle if you have concerns about your mortgage not being approved.

    A mortgage in principle is an agreement entered into with a lender that allows them to lend you a certain amount of money. You, however, have to pass different checks before getting into this agreement. 

    Self-Employed Architects

    Self-employed architects can also apply for a mortgage. It is, however, important to note that the type of application that they get relies heavily on their company’s structure. Self-employed architects are either running limited companies, partnerships, or sole traders.

    If you are running a partnership or operating as a sole trader, you will have to prove that you have earned money from your business for the last one to three years. However, this can be adjusted depending on the mortgage company you are working with.

    Those that are directors of their companies need to look for a mortgage company that understands their earnings well. This is because things such as retained profits from your company might not be used when calculating the amount of money you can borrow.

    Architects Working as Contractors

    Architects working as contractors operate under contracts that come with fixed terms. This might make it difficult for them to qualify for a mortgage especially when their contracts are about to end. Some lenders need convincing that you will be able to repay the loan.

    The first thing to do to ensure that your application is approved is to show that you have been working under contract for a long time. You should make sure that you do not have any employment gaps between the different contracts you have worked under.

    You can also show them the plans you have after the expiry of your contract. If it has been renewed before, then you stand a chance of getting your mortgage approved. You can also show them another contract that you have lined up.

    Mortgages for Architects’ Home Construction

    Some architects might be interested in constructing their homes instead of buying one. In this case, you do not need to look for a standard mortgage. Instead, you should apply for a construction loan.

    However, going this route means that the lender will not give you the entire amount of money that you qualify for. Instead, they give it to you in installments to protect themselves. You will be getting the money as you continue with your construction project.

    If you decide to get this loan, it is important to note that it comes with a higher interest rate compared to the standard mortgage. You, therefore, need to be careful and look for a reputable mortgage lender or financial institution to guide you through the process.

    As an architect, you can qualify for a mortgage easily. You, however, need to understand the things discussed above before applying for one.

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