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Professional Mortgages
Errol Hall from Mortgage Broker Services joins the Mortgage and Protection podcast to talk us through Mortgages for Professionals.
Are there specific mortgages tailored to professionals?
Yes, many lenders have specific mortgage products for fully qualified, registered and practising professionals. Typical professions include solicitors, barristers, medical doctors, accountants, actuaries, vets, dentists, surveyors, architects, optometrists, teachers, pharmacists and engineers. Some lenders will also consider trainees in the field as well, particularly accountants and solicitors.
Do professionals get better mortgage rates?
Some professionals do get slightly better rates. Some lenders may also allow annual overpayments of 20% on their fixed rate products without incurring any charges – that’s above the normal 10% annual overpayment allowance. Those are the kind of incentives that are around for professionals.
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We’ll take care of all the heavy work. From finding the right mortgage product and providing you with a detailed quote, to submitting the mortgage application on your behalf and guiding you right through to the completion of your mortgage.
Can I get a mortgage worth five times my salary?
Yes. Some lenders will offer enhanced income multiples within their professional mortgage range – even up to five and a half times your income. This will always be subject to lender affordability checks.
For example, if you have any outstanding debts in the background, this may impact the size of the loan you qualify for. Also, having children or other big commitments again may impact the loan.
How can a mortgage broker help?
We have extensive knowledge of professional mortgages, and we have access to a wide range of professional mortgage products. So, if you’re interested in exploring your mortgage options, just get in touch and we’ll take it from there.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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