IT professional mortgages
Why choose us
As a specialist mortgage broker for IT professionals, Cleerly has the experience and expertise to help you turn your professional skills and income into homeownership. Fill in our online form to request a call back or speak to a member of the team today on 02394 212912.
Introduction
Which professions qualify for professional mortgages?
Mortgages for IT professionals are assessed in different ways depending on how the IT professional works. If you are a permanently employed IT professional you will be assessed based on payslips and P60, with some additional attention needed if you receive bonuses and these are needed to demonstrate affordability. If you work as a contractor then Cleerly's experienced contractor mortgage consultants will take you down a slightly different path to prove affordability, utilising your contract as proof of income.
Lenders can favour certain occupations where they know there is demand in the public and private sectors, and therefore a low risk of gaps in employment or assignments. High job security can lead to high confidence from underwriters - as long as the process is managed in the right way.
Typical IT roles where lenders have a positive view on affordability and job security are as follows:
- Systems Analysts
- Web Developers
- Software Developers
- Network Engineers
- Cyber Security Specialists
- Network Architects
- Directors of IT
- Cloud Engineers
- Network Administrators
- IT Project Managers
- IT Programme Managers
- Data Architects
- CIO/CTO
This list is not exhaustive, as demand for highly paid IT roles can grow quickly based on the needs of businesses. Given the amounts of variable pay that some employed roles may offer, such as bonuses and share incentive schemes, it is important to receive the correct advice. This is even more important if you work on a contract or freelance basis in IT.
Different lenders that cater for IT professionals have varying lists of qualifying professionals, so it is essential to seek advice about which lenders can help you to achieve your mortgage goals.
What to consider
How will income be assessed for IT professionals?
For individuals permanently employed in IT occupations, there's the potential to obtain more generous affordability calculations with certain lenders. IT contractors have the advantage of their contract rate being 'annualised', regardless of the end date, which can lead to spectacular borrowing figures. However, personal financial situations, including factors such as credit history and current debt profile, play a crucial role in determining your eligibility for this increased borrowing. Instances of adverse credit may limit borrowing options, potentially leading to a lower income multiple.
Typically, mortgage providers are prepared to offer loans up to 4.5 times annual income. In certain cases, lenders may consider lending up to 5 times your annual income, which applies to both employed and contractor IT professionals. The larger the deposit, the more borrowing a lender may be prepared to offer, as their risk of lending reduces.
IT professionals with higher earnings, typically over £50K, may find that lenders are more flexible, offering larger mortgage amounts. This flexibility is particularly evident for individuals earning in excess of £100K per year, where lenders exercise the most discretion about multiples and affordasbility assessment.
For those that go back and forth between contracting and permanent employment, it is even more important to seek advice so a lender does not make an inaccurate assumption about employability. Regardless of the circumstances, Cleerly will scour the market for the best terms for all IT professionals, and have significant experience of managing lenders to obtain favourable outcomes for their clients.
What to consider
Do mortgage lenders give better rates to IT professionals?
The short answer is no, but it is important to note that most mortgages that Cleerly place for IT professionals go to large High Street lenders, who tend to have the best rates. It is important to consider the most important factors about your requirements though, before becoming too focused on the interest rate alone. Whilst the rate is an important factor to consider, if you are an IT professional who is relatively inexperienced and still on a modest income, the amount that the lender can actually lend may be a more important factor. This is also true of certain IT roles that don't pay as much highly technical ones, such as IT support.
Trusted lenders we work with
