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This includes mortgages for the following professions…
There are additional benefits to a professional mortgage, but you do not have to feel that you are bound to this type of mortgage. The entire mortgage market is available to you, but you may find a profession-specific mortgage is of benefit.
Many lenders will offer certain professionals a better deal than they could secure elsewhere. This might include lower rates, lower fees or allowing the applicant to secure a mortgage with a smaller deposit. This is because lenders will see these professions as lower risk than others, offering sustainable earnings and strong pensions.
Some lenders offer completely different products that are only available to people in specific professions. Other lenders might simply make it easier for applicants to get a mortgage by lowering their requirements. This can help those who might be rejected elsewhere to get on the property ladder.
If you’d like to know more about what professional mortgage are available, click the links above to learn more about mortgages for different professions. You can also get in touch with our friendly team.
If you have recently started a new job and want to know how this might impact your borrowing opportunities, check out the pages above to see if your profession is listed.
The main benefits of a professional mortgage are:
Lenders often offer better rates to professional lenders as they are seen as lower risk. This might include a lower APR or even a reduction on the fees payable to the lender. This can help those on lower incomes, such as military personnel, to secure a mortgage.
Many professional mortgage schemes are designed to help workers get on the property ladder without saving a huge deposit. Most people will need to save at least 15% of the property value to be able to get a mortgage. Professionals may be able to secure a property with as little as a 10% deposit. In some cases, specialist interest-free loans can be used to supplement a deposit.
One of the most sought-after benefits of a professional mortgage is the opportunity to borrow 5x your income value. This is often offered in cases of higher earners, typically starting at £50,000. If you are earning more than £100,000 per year, then you are much more likely to be able to secure enhanced income multiples.
If you are on a strong career trajectory, you might see your earnings and disposable income increase. As a result, you might wish to pay off your mortgage faster. Most mortgages have a limit to how much you can overpay per year, but professionals will often be given a much better overpayment facility. In some cases, the standard 10% allowance could be increased to 20%. Search around and you might find an unlimited allowance.
It is assumed that professionals will have more opportunities to take advantage of investments. As a result, many professional mortgages will offer something known as borrow back facilities, meaning you could free up additional funds at short notice. Some will only allow you to borrow back up to the value of the capital payments you’ve made to date. In other cases, you will be able to borrow additional funds without going through the usual application process.
There may be times when you want a little extra disposable income in the bank. Some lenders will allow you to take scheduled repayment holidays for the lifetime of your mortgage. For example, some people choose to skip their January repayment so that you can put the extra income towards Christmas.
It isn’t only doctors and solicitors who can make the most of these professional mortgage opportunities. Some lenders are waking up to the possibilities offered by freelance and self-employed individuals. While most will ask to see three years of accounts, there are some lenders who will go ahead with a mortgage application even if you only have one year of accounts. Even if you have adverse credit, if you can show steady monthly income, this is often enough.
One of the smallest but still significant perks of professional mortgages is the red carpet treatment. Just like the private banking sector likes to show their customers how valuable they are, so too does the mortgage sector. It’s not uncommon for high earners to enjoy an enhanced service and smoother process.
If you’re interested in hearing more about the lenders who offer mortgages for professionals, we can help. We have access to the whole market and can help you to discover the lenders beyond the high street banks. We can help you choose the best deal for your needs and ensure you enjoy a smooth and efficient mortgage application process.