Professional mortgages
Why choose us
As a specialist mortgage broker for qualified professionals, including contractor mortgages for independent professionals, Cleerly has the experience and expertise to help you turn your 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?
Professional mortgages use lending criteria that is suited to qualified professionals who work in specific, defined occupations. This criteria will usually offer favourable assessment conditions for the mortgage, such as enhanced lending multiples, or smaller deposit requirements.
Lenders offer these advantages because certain occupations have a steady increase in income over time, and require training and qualifications to carry out the role. Job security also tends to be high. This means increased affordability and less likelihood that the occupation will change, in turn meaning reduced risk for the lender.
Typical occupations that qualify for professional mortgages are:
- Medical doctors
- Lawyers (including solicitors and barristers)
- Dentists
- Veterinarians
- Accountants (in practice and industry)
- Engineers
- Architects
- Surveyors
- Optometrists
- Pharmacists
- Teachers
- Pilots
Different lenders that cater for 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 professionals?
For individuals employed in professional occupations, there's the potential to qualify for higher income multiples. This is advantageous as it directly impacts the maximum amount you could borrow. However, personal financial situations, including factors such as credit history and score, play a crucial role in determining your eligibility for these higher income multiples. 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 5.5 times your annual income if you work in a qualifying occupation. In certain cases, one or two lenders may consider lending up to 6.5 times your annual salary, though such offers usually require a larger deposit than the standard minimum of 5% or 10%.
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.
There is a lot to navigate on your own if you are looking for an idea of maximum borrowing. Cleerly can help to source the best lender for each professional's individual circumstances.
What to consider
Do mortgage lenders give better rates to professionals?
Some mortgage lenders will offer professionals slightly more favourable interest rates, or lower mortgage set-up fees, such as reduced or free arrangement fees or a free property valuation. It is important to consider the most important factors about your requirements though, before becoming fixated on the interest rate alone. Whilst the rate is an important factor to consider, if you are a professional who is newly qualified and still on a modest income, the amount that the lender can actually lend may be a more important factor.
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