Professional Mortgages

“We tailor our advice to you and manage everything with the lender from that initial application all the way through to your mortgage offer. Then we work with your solicitors right through to completion.”

Mike Haupt – Mortgage Adviser 

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Mortgage for Professionals

Mike Haupt explains everything we need to know about mortgages for professionals.

What is a professional mortgage?

A professional mortgage isn’t necessarily a type of mortgage or scheme but typically a range of products that a lender may offer to someone who is a professional. For example, that might involve a lower interest rate, a more flexible lending criteria or higher lending multipliers, so there are potential benefits.

However, not every lender offers a mortgage for professionals and sometimes being on a standard mortgage range may be more beneficial than being on the equivalent professional product range. It all very much depends on your individual circumstances and lending criteria.

Do professionals get better mortgage rates? Is it easier for a working professional to get a mortgage?

Potentially yes, that is one of the things around the professional range that is good. You might for example, get a lower interest rate because you are deemed as a slightly lower risk than a non professional.

Is it easier to get a mortgage as a professional? Yes, if you are working and in a job because you have an income to evidence the affordability for the mortgage. If you are still studying, I know we will talk about this in more detail later on, but it might be more difficult to get a mortgage as a professional at that stage.

Who do mortgage lenders count as professionals?

There is no one set list and every lender will have a slightly different definition of what a professional is. For example, you have medical professionals: doctors, surgeons and potentially nurses. Key workers i.e, teachers etc, and accountants, solicitors, architects, barristers and the list does go on with other lenders as well.

Typically these mortgages apply to anyone who has gone to university and then pursued a professional qualification and career.

I’ve recently graduated, can I get a mortgage?

Yes but this will depend on your circumstances. If you have graduated and you either have a job offer or you are either working then yes, absolutely, you can get a mortgage. If you are still searching for the job and you don’t have an income yet then potentially no you can’t.

Can I get a mortgage as a PhD student?

This is quite interesting, it depends how and when you are doing your PhD. You might already be working and going back to study your PhD and be receiving, for example, a stipend, which will be some form of income. Or, you might still be at university, studying your PhD as a doctor and you are still working towards your qualifications that way.

If you are in receipt of an income then yes, you can get a mortgage as a PhD student, if you’re without income then until you’ve got the ability to repay the mortgage and evidence that to a lender, unfortunately the answer would be no.

How much deposit do I need for a mortgage as a professional?

The deposit will depend on the products that are available. At the time of recording this episode in December 2023, you need a minimum 5% deposit.

If you have more deposit that is going to help you and this means you are going to pay back less interest, borrow less money and have cheaper monthly payments but typically, you will need a 5% deposit as a minimum.

How much can you borrow with a professional mortgage?

As a professional, you can potentially borrow up to six times your income. This will however, depend on how much you are earning as a professional and your occupation.

What are the benefits and drawbacks of a professional mortgage?

If you qualify for a mortgage as a professional, some benefits might include the ability to borrow more money and access slightly more lenient lending criteria.

However, not every bank and building society offers a professional range of mortgages. But that’s no bad thing, really, because they will still have a competitive product range for you. You just may not be able to borrow quite as much.

Does It Cost For An Initial Chat?

Please don’t be afraid to pick up the telephone. Contact us with any questions or any conversations you want to have. There’s no commitment, there’s no silly questions. I’m here to try and help put your mind at ease, so let’s have a conversation and answer your questions.

Can I get a mortgage as a professional if I have debt?

Yes. Typically, as a professional you will have potentially higher student loan payments and other debts that come from your education.

Part of any mortgage application is the affordability assessment, where the lender looks at your income and outgoings. They’ll work out what is an affordable payment – it’s really important that any mortgage you take out is affordable both now and in the future.

The lender will really look at that and take into consideration any debt payments you’ve got as part of the process.

Can professionals who are self-employed get a mortgage?

Absolutely. Normal criteria will come into effect when you are self-employed. It might be that lenders want to see two years worth of your accounts. There are some nuances there with all professional mortgages.

For example, I’ve had experiences with locum doctors and because of the nature of their work, lenders understand that you’ve got lots of work but you are technically self-employed, So, they might look at things differently and take less evidence.

It will very much depend upon your circumstances, your profession and how long you’ve been doing that job.

Can I get a Buy to Let mortgage as a professional? Any differences?

No. As a professional, as long as you have the 25% deposit that is required for a Buy to Let mortgage then you are absolutely fine to go ahead and apply for this.

How do you qualify for a professional mortgage? Do I need to prepare anything in advance when applying for a mortgage as a professional?

You do have to show your qualifications. If you are a doctor or an accountant for example, you would just need to show your professional certificate to prove you are qualified. That might be part of the criteria the lender asks for.

It is also about understanding whether a professional mortgage is the right thing for you, or if a standard mortgage might be better for you. Each individual lender has their own different requirements in terms of what you need to evidence. This varies from lender to lender.

It’s all about making sure you’ve done your preparation in advance, so you know how much you can borrow and what the monthly payment looks like. You need to be comfortable with that for the house you want to buy.

Can I get five times my salary for a mortgage in the UK?

Yes, you absolutely can. It’s becoming more and more commonplace now that lenders will look to lend up to five times your income in certain circumstances.

Can I get a mortgage at six times my salary?

With certain professional mortgages and certain lenders, yes they will look to lend up to six times your income.

Can I get a mortgage for seven times my salary?

It’s unlikely. You’re starting to really push the boundaries in terms of lender comfort. It’s highly unlikely you can get above seven times income.

Can I get a mortgage 10 times my salary?

No. That won’t be possible.

Your home may be repossessed if you do not keep up with your mortgage repayments.

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