Mortgages for Professionals

Get the help you need for your mortgage if you're classed as a professional and learn how to secure the best rate

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Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 18, 2024

If you’re classed as a professional, the range of mortgages you can apply for is the same as it would be for anyone else, but did you know that some mortgage lenders offer exclusive rates and deals for people in certain lines of work, such as key workers, medical professionals, business executives and those in the legal profession?

In our guide to mortgages for professionals, we’ll reveal how to gain access to the best mortgages for people in these job roles, as well as where to find bespoke advice from a mortgage broker who specialises in arranging mortgages for professionals.

What is a professional mortgage?

A ‘professional mortgage’ isn’t really a type of product in its own right, but it’s a term you might hear used when somebody who’s classed as a ‘professional’ is applying for a mortgage and the lender is offering them exclusive rates or a bespoke deal.

Technically speaking, professionals can apply for the same mortgage products as everybody else, but some mortgage providers are known to offer special treatment to them. This is because professionals are often classed as ‘lower risk’ borrowers, so some lenders might be more flexible with their eligibility criteria or lenient with their deposit requirements.

Since some lenders view professionals favourably and others don’t, the mortgage lender you approach can make a big difference to the deal you end up with. This is why it’s a good idea to speak to a mortgage broker whose speciality is arranging finance for professionals. They will know exactly which lenders to approach for those exclusive rates and deals.

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Which professions fall into this category?

Professionals that mortgage lenders generally believe to be lower risk include…

Medical professionals

Key Workers

Other professionals

Higher Earners

Many mortgage lenders offer qualifying applicants a better deal if they work in one of these professions because they’re often viewed as lower risk. Their qualifications, predictable career progression and reliable income make them a much safer bet statistically than other applicants. As such, some lenders offer better deals to attract more of these customers.

Some lenders offer a completely separate exclusive product range for professionals and high earners, while others provide discounts or an enhanced level of discretion on underwriting (if it’s a unique case that may have been declined initially).

Just as there are lenders who cater for professionals, there are brokers who specialise in them too. They understand the mortgage requirements of people in these lines of work and know exactly which lenders to approach for the best rates and deals.

The benefits of a bespoke deal

Here are the advantages of using a mortgage lender who specialises in professionals…

  • Superior rates and lower fees: Some mortgage lenders offer more favourable interest rates to customers in certain professions and offer fee discounts too.
  • Lower deposit requirements: Your chances of getting a low deposit mortgage will be higher if you’re a professional. Lenders typically ask for higher deposits where risk is present, but working in a safe profession can help offset any risk.
  • Higher income multiples: The average mortgage customer is usually only able to borrow between 4.5 and 5 times their salary, but for professionals and higher earners, some lenders will stretch to 5.5 times salary, and even 6 times.
  • Enhanced overpayment facilities: Most mortgage lenders allow you to overpay on your mortgage by 10% each year without penalty, but for people in certain professions, they can be more flexible and up the limit to 20%. Some mortgage providers will even impose no overpayment cap at all, under the right circumstances.
  • Borrow back option: Like with the added flexibility of over-payments, often professional borrowers tend to be more likely to come across investments or make larger expenditures when opportunities arise. Therefore, certain lenders offer the facility to borrow up to certain defined limits, at any time. Some allow you to take back only the capital payments made to date, some allow you to apply for additional funds without the full application process, while others facilitate instant cash withdrawals up to a predefined limit, straight into your bank account.
  • Mortgage repayment holidays: Lenders are more likely to approve a mortgage payment holiday for a professional than a non-professional under the same circumstances. This is because people in high-earning professions are generally less likely to run into difficulty with their mortgage after postponing a few payments.
  • Less income proof needed: If you’re registered as self-employed, most lenders will ask for between two and three years’ of accounts to prove your income. But professionals are more likely to get approved for a mortgage with just 12 months’ trading history, which is useful if you haven’t been in your current role for long.
  • The red carpet treatment: Some lenders specialise in professionals and offer them a personalised service. This VIP treatment often means a smoother mortgage setup.

How much can professionals borrow?

Customers in certain professionals such as doctors and lawyers can often borrow more than the norm, up to six times salary from lenders who offer bespoke deals for people in such professions.

Keep in mind that there’s no guarantee you’ll qualify for this income multiple as your capacity to borrow it may depend on other eligibility factors and the current market conditions.

Try our mortgage calculator below to get a rough idea of your maximum borrowing, up to six times income.

Professional Mortgage Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants
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Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

Get Started with an expert broker to find out exactly how much you could borrow.

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How to get a professional mortgage

Here are the steps to follow to get an exclusive deal on a professional mortgage…

  1. Get your paperwork together: Along with the usual documents such as proof of address and bank statements, you’ll obviously need proof of employment to prove your professional status to lenders. You can find a complete list of documents you’ll need in our guide to mortgage applications.
  2. Download your credit reports: Even though your status as a professional will make you attractive to prospective mortgage lenders, it still pays to optimise your credit reports and be aware of potential issues before you apply. If you download your reports, your broker will suggest ways to polish them before you get started.
  3. Speak to a specialist broker: Lenders who offer bespoke mortgages for professionals are often difficult to find. Many of them don’t advertise these deals to the public and others are only accessible through an intermediary. But the good news is that we can match you with a broker who specialises in professional mortgages. Their knowledge, experience and lender contacts will boost your chances of landing the best bespoke deal possible.

Make an enquiry and we’ll match you with your ideal mortgage advisor today.

Mortgage lenders who offer these incentives

Several high street banks offer exclusive deals for professionals. For example, Scottish Widows offer a deal for professionals which includes an offset facility and additional borrowing, among other perks, and Clydesdale Bank launched a product for newly-qualified professionals who want to borrow 5.5 times their salary back in 2018.

In addition to high street lenders, there are also specialist lenders, challenger banks and private mortgage lenders who offer special deals for professionals and high earners. You’re unlikely to have heard of many of these firms and won’t find them through a Google search.

With this in mind, it’s a good idea to speak to a mortgage broker who specialises in arranging finance for professionals, as this will give you access to every lender on the market. The right advisor will know exactly which lender to match you with based on your income and employment type, so you can rest assured you’ll find the right one, first time.

What interest rate to expect

Generally speaking mortgage lenders will offer the same interest rate for professionals as anyone else, although some may offer exclusive deals with lower rates. To qualify for the lowest rate, you will likely need to put down more than the minimum 10% deposit and it will help if there are no risk factors, such as bad credit, present.

The table below provides a snapshot of what the best rates are currently for professional mortgages.

Lender Product Details
Frosted Rates Image

Looking for more rates and deals?

We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market.

Last updated May 2024

Please note that the above rates are purely for example purposes, were accurate at the time of writing, but are subject to change. Speaking to a mortgage broker is the best way to find the most up-to-date deals.

Get matched with a mortgage broker who specialises in professional mortgages

If you’re looking for exclusive mortgage deals for professionals and high earners, the best place to start is by speaking to a mortgage broker whose speciality is arranging them. They will have access to every lender who offers them and can negotiate the best rates and terms on your behalf, as well as provide you with bespoke advice and help with your application.

We offer a free broker-matching service that will quickly assess your needs and circumstances to pair you up with an advisor who’s ideally placed to help you. This will be someone we’ve handpicked because of their track record helping customers just like you and the deep working relationships they have with the right mortgage providers.

Call 0808 189 2301 or make an enquiry and we’ll set up a free no-obligation chat between you and your perfect mortgage broker today.

FAQs

Yes. Your chances of getting a mortgage as a newly-qualified professional will likely be higher than someone who recently started a new job in a line of work that lenders don’t favour. See our guide to getting a mortgage after starting a new job for more information.

Yes. For military and ex-military people, there is Forces Help to Buy. There are also discounts available for key workers such as NHS staff through the government’s First Homes scheme – you can read more about this initiative on the government’s website.

Yes. Pharmacists, trainee pharmacists and newly-qualified pharmacists are classed as professionals by some mortgage lenders and are eligible for some of the same exclusive rates and deals as other types of medical professionals.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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