Professionals Mortgage 2019-07-01T09:55:36+01:00

Professionals Mortgage

Many lenders will still treat someone in a professional role in the same way they would treat any other applicant. This can make obtaining a mortgage more difficult if you have a professional qualification and may chose to take on multiple income streams, but lenders will not necessarily treat these as guaranteed incomes. Whilst training for a professional qualification or you are newly qualified you may not have a permanent contract which can also be an issue with many lenders.

Specialist lending knowledge will help professionals in the following situations:

  • Locum Doctors
  • Doctors taking on agency work in addition to their NHS salary
  • Doctors with additional self-employed income
  • Newly qualified teachers
  • Supply teachers
  • Nurses with additional bank hours
  • Firefighters with second jobs
  • Professionals on a daily rate contract

Our specialist advisors will assess your payslips and contract to achieve the maximum you can borrow at the best interest rate available.
If you would like to be contacted by a mortgage advisor who is experienced and knowledgeable in this specific area, please use our find a mortgage tool to answer a few short questions.

As a mortgage is secured against your home/property it may be repossessed if you do not keep up the repayments.

Professionals Mortgage – FAQ’s

Some lenders offer qualifying applicants a better deal if they work in certain professions because they are often viewed as lower risk. Their qualifications, predictable career progression, and reliable income make them a much safer bet statistically than other applicants, and as such some lenders choose to offer better deals to attract more of these types of borrower.

Some lenders offer a completely separate exclusive product range, while others provide discount or an enhanced level of discretion on underwriting (if it’s a unique case that gets declined initially).

What sort of benefits can a professional mortgage offer?

  1. Firstly, you may be eligible for better rates and lower fees.Often this comes in the form of a reduction in the standard rates by a set percentage, so where a mainstream applicant would pay the “standard” rate available to them, certain professionals qualify for a reduced interest rate.
  2. Less Deposit. Certain lenders will allow professional borrowers the option to use a lower deposit when borrowing to purchase a property. For example, a professional may qualify a 90% mortgage – i.e. they are required to make a deposit of 10%, where the rest of the population may require 15% deposit for a max loan of 85%.This can make a huge difference to first-time buyers and those remortgaging.
  3. Enhanced Income Multiples.This is one of most sought after benefits offered to professionals who are looking to borrow a large sum for a mortgage. Typically, the maximum a standard borrower could obtain is 5x salary in today’s market, but professional lenders often allow an increased loan amount for borrowers on higher incomes.
  4. Enhanced Overpayment Facility.Often, professionals on higher incomes are more likely to have an excess disposable income, or they may come into large lump sums through bonuses or maturing investments through their working life. They may therefore want the flexibility to overpay on their mortgage on occasions, and preferably without penalty. A great added benefit with some professional mortgages is an increase in the standard 10% “over-payment”allowance per year, up to as much as 20% in some instances. This extra flexibility can be used to repay mortgages at a faster rate and save professional borrowers many thousands of pounds in interest over the life-span of their mortgage.
  5. Self-employed professionals. Even if you’ve only recently gone self-employed, we can help you find the right mortgage for you. You may only need 1 year’s accounts to be able to apply, so it’s definitely worth talking to us to get more information.

There are a number of exclusive lenders available, along with several high street banks, all of whom offer professional mortgage applicants exclusive deals. The good news is that we can search through the whole market for you to find out which product is most suited to personal circumstances.

Mortgages for Doctors – FAQ’s

Where many lenders and other brokers may have trouble understanding how your income is made up, our experienced team of advisors are experts in mortgages for medical professionals.

  • Newly Qualified Doctors
  • A locum doctor
  • A GP locum working variable hours
  • A junior doctor
  • A trainee medical professional
  • In a new role or on a new contract
  • On a temporary contract
  • An associate in a dental practice
  • A professional with variable income
  • A practice principal and self-employed

All of the above can apply for a Doctors Mortgage, so for the best possible advice talk to one of our team to find out what your options are.

Mortgages for Teachers – FAQ’s

Mortgages for teachers (and other professionals that work in the educational sector) can come with some fantastic benefits. Top rates, flexible criteria, special underwriting when it comes to temporary contracts and variable income, and more…

To qualify for a teacher exclusive mortgage at least one applicant must be one of the following:

  • A fully qualified teacher / lecturer
  • A teaching assistant with an NVQ level 3
  • A newly qualified teacher (NQT)
  • A nursery nurse with an NVQ level 3
  • A supply teacher with a track record
  • A children’s therapist
  • If you fall under one of those roles, you ideally need to be one of the following contract types:
  • On full time contracts
  • On part time contracts
  • Supply teachers
  • Agency based teachers
  • Retired teachers

The short answer is “yes”, our advisors may still be able to get you a mortgage. In most cases, both fixed term and temporary contracts are acceptable to some lenders so long as there is a history of employment, or there is at least several months left to run once the mortgage has started. The longer the history and time left on current contract, the better, but it is still worth enquiring if you fall outside of this criteria as we have a list of lenders who still may consider helping you.

Whether you’re a new teacher, have recently moved jobs, or are just starting out on one of the new 1 year teacher contracts we can help you find the right mortgage for you.
Many teachers will be starting out on 1 year contracts with the potential to be renewed for the first 3 years of employment, until a permanent position is offered. Lenders however will still help, so it’s important to talk to us and get the best advice possible.
Typically, a sustainable income is a difficult thing to prove as a supply teacher. Although currently many find work readily available, historically some lenders have adopted quite a cautious attitude towards gauging the sustainability of income for supply teachers.This “lack of certainty”regarding the hours available to provide income, can prove problematic for when supply teachers apply for a mortgage.
Having said that, there are a few lenders that offer the flexibility to cater for supply teachers when applying for a mortgage, and if you have had a history of working in this role for several months then lenders start to accept a certain percentage of it towards their affordability calculations when establishing how much you can borrow.
A teacher’s pension is as sustainable and indefinite as any other occupational pension, and as such, if you are looking for a mortgage when retired or nearing retirement, then your pension can be used towards affordability.
Occasionally mainstream lenders release professionals and Key worker mortgage products that are enhanced deals compared to the rest of the product range they offer. There are also one or two lenders that specialise in lending to teachers exclusively. It’s best to get professional advice here about which lender will offer you the best deal for your circumstances.

If you’ve had credit issues in the past and finding it hard to get a mortgage, then don’t fret – you could still be eligible. Lenders can consider the following:

  • bankruptcy (if discharged minimum 12 months)
  • CCJs & Defaults (often if 15% deposit / equity minimum)
  • Late payments
  • Mortgage arrears
  • Debt management plan (often if 15% deposit / equity minimum)