How To Get A Professional Mortgage
The definitive guide to getting a Professional Mortgage.
What is a Professional Mortgage?
Mortgages designed specifically for working professionals can be great as the interest rates and fees are often reduced compared to regular mortgages. In addition, because of your profession, mortgages can also be approved more quickly. Certain professions are less risky. For example, your role requires that you have acquired certain qualifications and a lot of discipline!
Your job also offers you a secure income, as you can easily secure a job. This is due to the nature of your skilled skills. Statistically, lenders rate professional borrowers as low risk. When choosing a career, lenders can make certain assumptions about whether a mortgage is viable.
As a result, you may be offered some flexibility in bidding based on your employment alone.
Which professions are suitable for professional mortgages?
The below is not the list of professions but includes the main professions which allow for better mortgage deals from certain lenders.
If you’re a qualified professional, you can enquire to see what deals are available. A specialist advisor can then explain the mortgage process in greater detail.
You don’t need to be fully qualified either, trainee or newly qualified professionals can also get a Professional Mortgage.
- Medical Doctors
- Social workers
- Civil servant
Benefits of Getting a Professional Mortgage
If you work in a professional field, you may have many mortgage options. That doesn’t mean you can’t achieve a lot without your career. On the other hand, an individual mortgage can have some advantages.
If you’re employed on a zero-hour contract, you think it’s impossible to get a mortgage. If you work in a particular profession, not only is it possible to take out a mortgage with a zero-hour contract, but they can offer you preferential rates. Rates.
It just depends on your area of work.
Professional Mortgage Rates and Fees
Depending on your occupancy, you may be eligible for reduced mortgage rates. A conventional applicant usually pays the standard fees and fees, while a qualified professional can receive discounts.
The discounts can be applied to both tariffs and fees. This is a great benefit as it can save you thousands of dollars over the life of your mortgage.
Lenders are not limited to just charges. Working people can get approved mortgages with lower deposits. For example, if a conventional borrower needs a 15% deposit for a given interest rate, a professional might only need 10%.
If your goal is to maximize your loan amount, your career choices can significantly increase your Borrowing power. Primary borrowers are limited to a maximum of five times their annual salary.
Applicants in certain professions can borrow even more than five times their annual income. This is ideal when you need a maximum loan amount. In addition to fewer deposits and reduced fees, you are beginning to see how beneficial mortgages are for professionals. This increased income multiplier is down to the enhanced income you will receive over the years.
Professional Mortgage Overpay facilities
Regular mortgages often have a cap on the amount borrowers can repay too much. Although professional mortgages can also be capped, the allowance is often more expensive and can rarely be exposed.
This is another benefit as you can try to get your mortgage off as quickly as possible to minimize the interest cost you pay over the life of the mortgage.
Self-employed mortgages for professional workers
Self-employed persons such as construction workers can enjoy additional benefits. Mortgage loans based on the construction business plan also have great advantages. For more information on contractor mortgages you can check out our CIS Mortgage page.
If you have recently been self-employed, your job situation allows you to apply for a mortgage with just an annual report. It depends on the nature of your profession and the structure of your company.
What is a professional mortgage product?
Professional Mortgage products tend to have enhanced criteria to reflect the steady increases in your income over the years. This may therefore mean that you may be eligible for a higher income multiplier (i.e. You can borrow more) or a better rate of interest.
A professional mortgage product may not always be the best answer though, and it is work consulting a specialist in mortgage advice or financial services to go through your options.
Can a trainee solicitor get a mortgage?
As a trainee solicitor you may still be able to get a mortgage. We help professinoals whilst they are training secure a professional mortgage. This means that you can secure your professional mortgage early, so you don’t have to wait.