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Luke Atkinson joins the Mortgage and Protection Podcast to talk us through all we need to know about mortgages for professionals.
Are there specific mortgages for Professionals? Any Differences?
Yes, some lenders offer increased borrowing amounts or have specific products with exclusive rates or fee structures. When we talk about professionals, these are usually doctors, lawyers, vets, accountants, actuaries, dentists, engineers, teachers, pharmacists and optometrists. The reason lenders view these applicants as slightly lower risk and therefore willing to lend them more or lend to them at lower rates, is because there is the expectation that their incomes will rise significantly as they mature in their careers.
Do all lenders lend to professionals?
All lenders will lend to professionals, provided all the other core criteria are met, however some have special products aimed at newly qualified or experienced professionals. Some have ranges for key workers or those who work for the NHS or military – these applicant might qualify for lower rates or enhanced borrowing amounts
How do I know if I qualify for a professional mortgage?
For a professional range, you either need to be newly qualified within a specified job role, over the age of 21 and be registered with one of the recognised governing bodies, so for example an accountant who is 28, is actively practising and is registered with the ACCA, would qualify for some professional product ranges.
Do all professions/key workers get better mortgage rates?
Not all professionals or key workers do, but lots of jobs within those categories of workers will and with some lenders they will get better rates and lower arrangement fees.
Can I get a mortgage 5 times my salary?
Yes you can and actually with a select few lenders, depending on the level of income, which would usually be £100k and above, you can qualify for slightly higher multiples than 5x income.
How can a Mortgage Broker help?/Anything you would like to add?
A broker like Heritage Mortgages can provide independent, impartial advice and ensure you are made aware of whether the job you do and your specific situation, allows you to qualify for one of these professional or key worker ranges of products. We will then go ahead, complete the application, deal with any underwriting queries and obtain the binding mortgage offer as quickly as possible.