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.

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Frequently Asked Questions

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.

Had previous problems getting a mortgage?

If you have been told you are ineligible for a mortgage, speak to a specialist who can give you the help you need.

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