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A Guide to Mortgages for Professionals

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 27, 2021

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.

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 professional mortgage

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.

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Mortgage lenders who favour professionals

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.

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

Can I get a mortgage if I’m a newly-qualified professional?

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.

Are there any mortgage schemes professionals can take advantage of?

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.

Do pharmacists qualify for a professional mortgage?

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 OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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