Mortgages for professionals
Are you eligible?
Many 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).
Better rates & Lower fee’s state. Often a reduction in their standard rates by a set percentage, where a mainstream applicant would pay a % rate, a professional would qualify for a reduced % rate, or a product fee reduction.
Less Deposit. Certain lenders only allow professional borrowers 90% mortgages, where the rest of the population may require 15% deposit for a max loan of 85%.
Enhanced Income Multiples. This is one of the more exercised and sought after benefits offered to professionals who are looking to borrow a lot compared to their current level of income. 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, typically starting at min £50k, with the highest discretion for those earning £100k+.
Enhanced Overpayment Facility. Often, professionals on higher incomes are more likely to have excess disposable income or come into larger sums through bonuses or maturing investments throughout the life of the mortgage. They may therefore want the flexibility to overpay on their mortgage as and when without penalty. A great added benefit with some professional mortgages is an increase in the standard 10% allowance per year, up to 20%. Some professional mortgages even offer an unlimited allowance.
Borrow Back. 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 products allow customers the facility to borrow up to certain defined limits, at any time. Some allow you to take back only the capital payments you’ve made to date, some allow you to apply for additional funds without the full formal application process, while others facilitate the instant withdrawal of cash up to a pre-defined limit, straight into your bank account using your online banking.
Repayment Holidays. Prefer not to pay the mortgage for a while? Many professional mortgages provide the facility to miss payments (if you let them know of course!), so long as you have made a certain amount to date.
Self-employed professionals. Only recently gone self-employed? You may have had trouble finding a mortgage. The good news is that lenders exist that offer mortgages to professionals with just 1 year’s accounts, even if you’ve had some adverse credit!
Red Carpet Treatment
Like with many of the private banking sector, high value mortgages and customers of significant income and asset value can benefit from an enhanced personal service with many lenders, ensuring a smooth and efficient mortgage set up process.
Generally you qualify if you are over 21 years of age, and fully qualified, practicing and registered with the appropriate governing body in one of the following professions:
– medical doctors
93 Byres Rd, Glasgow, G11 5HW
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0141 337 3393