Professionals mortgages

What is a professionals mortgage?

Mortgages for professionals allow people in certain careers to borrow at higher income multiples and on specialist mortgage schemes in recognition of future salary increases.

Some professionals, such as doctors, dentists, architects, solicitors and accountants are offered special mortgages for professionals. This is because these professions are seen as being stable, lifelong and generally well-paid, so lenders may be willing to increase the amount they'll lend.

These professionals generally end up with high-earning incomes, but the starting salaries may be relatively low. So, some lenders will offer these people their mortgages for professionals deals - that is, higher income multiples so the client can get a foot on the property ladder early in his or her career.

Can other people get mortgages for professionals?

Mortgages for professionals may even be available if you do not belong to one of the above professions.

Contact us and we will advise you of how your professional status could affect your mortgage options. It may be, however, that considering the variety of standard mortgage income multiples, many lenders may be willing to offer a sufficient loan based on these alone and on equally competitive products.

How do mortgages for professionals compare with other deals?

Because of the wealth of deals available on the mortgage market, it could be that you find a suitable product that doesn't come under the banner of mortgages for professionals. One of our mortgage brokers would be able to advise you of the most competitive deals for your personal circumstances and preferences.

Borrowing higher income multiples could be risky. If interest rates rise sharply, your repayments could go up and if your salary hasn't yet increased, then it could be a struggle to make the repayments each month. However, in this situation, if you have budgeting concerns, you may choose to opt for a fixed rate mortgage.