Matt Hunt from Assured Mortgages joins the Mortgage & Protection podcast to talk about Professional Mortgages.
Are there specific mortgages tailored to professionals?
Not every lender has ‘professional’ products, but some will offer increased borrowing amounts or products with slightly lower rates, specifically targeted at professionals.
But every lender will offer a mortgage to a professional providing they meet the mortgage criteria – so affordability, credit history, etc. But some specific lenders will offer better rates or higher borrowing to certain professionals.
How do I know if I qualify for a professional mortgage?
Lenders often set out specified ‘professional’ job roles. These are typically accountants, architects, barristers, chartered surveyors, dentists, doctors, teachers, pharmacists, solicitors and vets – but some lenders also cater for specific professions beyond these.
Do professionals get better mortgage rates?
Yes, they may be offered better rates, or lenders offer other features within the actual product itself – such as increased overpayments without any additional charges.
You might also find there are lower fees or zero fees on the product, or you have enhanced borrowing. Not every lender will have the same type of deal, so it’s well worth speaking to a mortgage advisor about the options.
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Can I get a professional mortgage worth five times my salary?
Yes, some lenders will offer enhanced borrowing amounts providing the other criteria is met: again, good credit history and meeting affordability requirements. That basically means not having big commitments in the background such as car finance, loans, dependants, huge credit card balances and things like that.
Lenders typically look at these professional roles as offering good progression prospects, which means that your earnings will grow over time. That’s why some lenders will even offer up to five and a half times your income.
What mortgage advice can you give to someone just starting out in one of these professions?
We’re here to help you with any questions about the whole process of buying a house and getting a mortgage. We’ll explore what you’re looking to do, what your career plans are, the kind of property you want to buy and how long you want to be there.
We look at the whole situation to find out what’s right for your circumstances. It’s a more comprehensive approach than going to your bank or building society, where they only offer a select range of products that might not be tailored to yourself – meanwhile, we work with over 80 lenders.
Each of these will have different criteria or special offers – and some will offer enhancements to professionals, while others won’t. We can do all the hard work for you and help you achieve your goals, at any stage in your career.
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