Last reviewed on 14th September 2023 by Martin Alexander (Mortgage Advisor)

You may be surprised to learn that lenders offer dedicated mortgages for professionals. Mortgages tailored specifically for those working in professional fields can be great, as rates and fees are often reduced in comparison to regular mortgages. Furthermore, mortgages can also be approved faster due to the profession you’re in.

The reason lenders do this is that certain careers carry less risk. For instance, your role may require certain qualifications in addition to heaps of discipline! Your occupation can provide you with a reliable income as you’re able to secure employment without difficulty. This is due to the nature of your qualified skill set.

Statistically, professional borrowers are seen as low-risk by lenders. By understanding your career choice, lenders can make certain assumptions about whether a mortgage is viable. As a result, you may be offered certain flexibility on deals, simply because of your employment.

Lenders still like to see some history of employment. If you’re starting a new job or have recently taken on new employment and need a mortgage, read our article here.

What is a professional mortgage?

There is no such thing as a ‘professional mortgage’, but the term is often used when professionals apply for a mortgage. For instance, lenders don’t advertise mortgage products for professionals, but they may offer preferential rates to those in a certain field of employment.

Professionals can apply for a variety of mortgage products but can be offered more flexibility during an assessment. Certain professionals may be accepted for a mortgage with a smaller deposit than usual. Again, this is due to their job security and the ability to repay a mortgage.

It’s also important to say that not all lenders will offer special treatment based on an applicant’s profession. Furthermore, other lenders are more suited to certain professions. As a result, applying with a lender suited to your career can save you a lot of money over the term of your mortgage.

Which professions do mortgage lenders tailor for?

The below is not an exhaustive list but includes the main professions which allow for better mortgage deals from certain lenders.

If you’re a qualified professional, you can make an enquiry to see what deals are available. A specialist advisor can then explain the mortgage process in greater detail.

Medical professionals

Medical professionals can gain preferential rates and deals from lenders. Even those in junior roles may benefit during a mortgage assessment.

Medical roles include:

• Doctors
• Pharmacists
• Optometrists
• Dentists
• Vets
• Nurses

Key workers

Key workers can benefit from a variety of perks and this also includes flexibility when applying for a mortgage.

• Police
• Firefighters
• Military
• Teachers
• Social workers
• Civil servants

Specialist employment

Those in careers such as law and property that require years of training and qualifications may also qualify for bespoke deals from lenders.

Professional roles include:

• Solicitors
• Barristers
• Accountants
• Architects
• Surveyors
• Graduates

High earners

Higher earners can also receive bespoke treatment from mortgage lenders. For instance, directors of high-turnover companies or those earning large salaries are likely to be considered low-risk. As a result, lenders often approve applications a lot faster, while offering better rates.

High earners include:

• Those earning over £100k per year
• Company directors and executives
• Investment bankers
• Asset rich individuals

Advantages of a professional mortgage

If you’re working in a professional field, then it’s likely you’ll have a lot of mortgage options. This doesn’t mean to say you can’t get a great deal without your career. In comparison, a tailored mortgage may have some advantages.

If you’re employed on a zero-hour contract, you may think that getting a mortgage is impossible. In fact, if you work in a certain profession, getting a mortgage on a zero-hour contract is not only possible but you may be offered preferential rates. This is simply based on your line of work.

The advantages of applying as a professional applicant include:

• Lower interest rates
• Cheaper fees
• Low deposit requirements
• Increased borrowing power
• Less proof of income required
• Flexible repayment facilities
• Faster turnaround times

Fees and rates

Based on your occupation, you may qualify for reduced mortgage rates. A mainstream applicant will usually pay the standard rates and fees, whereas a qualified professional can be discounted.

Discounts can be applied to both rates and fees. This is a huge advantage as it can save you thousands of pounds over the duration of your mortgage term.

Deposit amounts

Lenders don’t just stop at fees and rates. Working professionals may be approved for mortgages with lower deposits. For instance, where a mainstream borrower needs a 15% deposit for a specific rate, a professional may only need 10%.

Borrowing power

If you’re aiming to maximise your loan amount, your career choice can significantly boost your borrowing power. Mainstream borrowers are limited to borrowing up to a maximum of five times their annual salaries. Some lenders will assess affordability on only four times an applicant’s annual salary.

Applicants in certain occupations can borrow even more than five times their annual income. This is great for when you need a maximum loan amount. In addition to a lower deposit requirement and reduced fees, you begin to see how advantageous mortgages for professionals really are.

Overpayment facilities

Regular mortgages are often capped on how much borrowers can overpay. Although mortgages for professionals can also be capped, the allowance is usually higher and can sometimes be uncapped.

This is yet another advantage, as you can aim to pay your mortgage off as soon as possible to minimise the amount of interest you pay over your mortgage term.

Am I eligible for mortgage incentives?

Each mortgage lender will have its own criteria that you’ll have to meet. As you’re applying as a professional, you’ll have to meet the following criteria to qualify for any benefits:

• Be qualified with a recognised and professional body in your chosen career
• Already have a career or had the necessary training in your career path
• A credit score meeting your lender’s requirements
• Have a deposit that suits the amount you’ve applied for

How to get a professional mortgage

You can increase your chances of getting better mortgage incentives by following these steps:

• Monitor your spending – Lenders will check your recent bank statements. Even though you’re employed in a favourable profession, it doesn’t guarantee you’ll be offered incentives. As a result, avoid activities such as gambling, payday loans and anything else that may make your application questionable.
• Check your credit file – Downloading a copy of your credit history is highly recommended. This gives you an idea of how lenders may view your credit file. Even in a favoured profession, having credit issues are likely to go against you.
• Gather your personal documents – To qualify for an incentive, your lender will need to see personal documents, such as payslips and proof of employment to verify your professional employment.
• Speak to an expert – It can be disheartening to find your dream home, only to realise it’s above your budget. Speak to an expert who will advise you on a budget to work towards. Your budget will be based on your income and spending habits. Once you have a budget, you can search and make offers with confidence.

Which mortgage lenders suit professionals?

Depending on your career, certain lenders will be better suited. There are also building societies and lenders specifically designed to provide mortgages for those in certain professions. That being said, this doesn’t guarantee you’ll be approved or offered the best deal or rate.

High-street lenders and specialist lenders also offer bespoke mortgages for professionals. Even if you have credit issues, specialist lenders may still approve you, providing you meet their criteria. The best way to find the most suitable lender is to speak to an independent mortgage advisor. By doing this, you’ll ensure each deal is compared across multiple lenders.

Self-employed mortgages for professional workers

There are other benefits for professionals who are self-employed, such as construction workers. Construction Industry Scheme mortgages also have some great perks.

Learn more about CIS mortgages here.

If you’ve recently become self-employed, your professional status may enable you to get a mortgage with accounts for just one year. It all depends on the nature of your profession and the structure of how you trade.

You can make an enquiry and a specialist will call you to provide you with the latest mortgage advice. In addition, we’ll search the entire market for you and prepare your application to suit the best lenders possible.