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Mortgages for professionals

Last updated on 18th January 2024 by Martin Alexander

You may be surprised to learn that lenders offer incentivised mortgages for professionals, allowing applicants better rates and fees. 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 qualifications which have taken time to achieve. Your occupation can provide a reliable income as you can quickly secure employment due to 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?

A professional mortgage is a discounted mortgage for working professionals in a certain field or career.

Lenders don’t advertise mortgage products for professionals but may offer preferential rates and special treatment to applicants working in a particular field of employment.

Is it easier for a professional to get a mortgage?

Professionals can apply for various mortgage products and are offered more flexibility during an assessment, which can make mortgage approval easier. Certain professionals may be accepted for a mortgage with a smaller deposit than usual. Again, this is due to job security and the ability to repay a mortgage.

Not all lenders will offer special treatment based on an applicant’s profession, as some lenders are more suited to certain professions than others. As a result, applying with a lender suited to your career can make it easier to get a mortgage and save you a lot of money over the term of your mortgage.

Why do lenders give professionals better mortgage deals?

Lenders give professionals preferential treatment for the following reasons:

  • A strong career path: Lenders can assess income more easily, and your earnings will likely increase as you develop in your career.
  • Stable income: If you need to relocate or change roles, you may find it easier to get a job. As a result, your ability to pay a mortgage isn’t likely to be affected.
  • Job security: Professional career paths offer job security, as there’s always a demand for qualified workers. As you’re less likely to lose your job, there’s a high chance you can pay your mortgage.
  • Qualification and skillset: As your qualifications would have taken a long time to achieve, you’re less likely to change career paths. Furthermore, your qualifications are with you for life and finding employment shouldn’t ever be an issue.

Which careers qualify for a professional mortgage?

Professions that allow for better mortgage deals are:

Medical professionals

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

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

Key workers

Key workers can benefit from various perks, including flexibility when applying for a mortgage.

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:

High earners

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

High earners include:

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

What are the benefits of a professional mortgage?

If you’re working in a professional field, you’ll likely have many benefits. For instance, even a mortgage on a zero-hour contract is possible, and you may be offered preferential rates due to your line of work.

The benefits of applying as a professional applicant include:

Better rates and cheaper fees

Based on your occupation, you may qualify for reduced mortgage rates. A mainstream applicant usually pays 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 your mortgage term.

Get a mortgage with a smaller deposit

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%.

Borrow more than usual

If you aim to maximise your loan amount, your career choice can significantly boost your borrowing power. Mainstream borrowers are limited to borrowing up to 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 see how advantageous your line of work can be when getting a mortgage.

Flexible options and 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 another advantage, as you can aim to pay your mortgage off as soon as possible to minimise the interest you pay over your mortgage term.

Am I eligible for mortgage incentives?

Each mortgage lender will have its 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

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 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 with 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. Doing this will ensure each deal is compared across multiple lenders.

Can self-employed professionals get a mortgage?

Self-employed professionals can also benefit from their line of work. 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. There are also other benefits for self-employed professionals, such as construction workers.

Learn more about CIS mortgages here.

How to apply for 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 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 will likely go against you.
  • Gather your documents – To qualify for an incentive, your lender must 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.

About the author

Martin Alexander
Senior Mortgage Advisor

Martin is a senior mortgage advisor who has held a CeMAP qualification for over 15 years while completing an MBA in Global Banking and Finance.