Mortgage experts
This is where Cleerly can help
For over fifteen years our brokers have assisted young professionals with their mortgage applications, including junior doctors, barristers, accountants and more. Whether you’re employed, self-employed or working as a contractor, our team has the expertise and experience needed to help you secure your dream property – even if you’re at the start of your career. What’s more, these are often on offer from high street lenders.
To get your mortgage journey underway, simply give us a call on 02394 212912, or complete our online form and one of the team will be in touch. You can also use our mortgage calculator to discover mortgage deals you may be eligible to apply for
Expert advise
Can young professionals get a mortgage?
Many young professionals struggle to prove their income and affordability to lenders who often see them as higher risk due to their lower income in the early stages of their career. This does not necessarily mean that getting a mortgage is out of the question. We work with a number of contractor mortgage and independent professional lenders who cater to young professionals and take into account their future earning potential and career prospects.
To qualify for a mortgage, lenders will typically need the following documentation:
- Bank statements
- Invoices
- Contracts
- Pay slips
You will also need to demonstrate you are able to afford the monthly repayments on your mortgage.
Eligibility
Who are young professional mortgages designed for?
A young professional isn’t defined by their age, but by the number of years spent working in a profession. These mortgages are tailored for individuals at the beginning of their careers with a high earning potential in the future. When assessing your application, lenders will generally factor in your projected income, increasing the likelihood of mortgage approval.
Some of the professionals that lenders will consider suitable applicants include:
- Junior doctors
- Dentists
- Barristers
- Accountants
- Solicitors
- Engineers
- Chartered accountants
- Actuaries
- Barristers
- Commercial Pilots
Jargon free advice
How much mortgage can a young professional get in the UK?
The amount of mortgage that a young professional can get in the UK depends on several factors, such as:
- Their income and outgoings
- Their deposit and loan-to-value ratio
- Their credit history and score
- Their chosen mortgage term and type
- The property value and location
- The lender’s criteria and affordability assessment
As a general rule of thumb, most lenders will lend up to 4.5 times your annual income (e.g., a professional earning £40,000 a year could potentially borrow up to £180,000). With young professionals, the right lenders will understand your increased earning potential and will therefore offer up to 5 or 6 times.
Lenders will also look at your monthly outgoings and debts, such as bills, credit cards, loans, childcare, etc.
Helping hand
Additional mortgage support for young professionals
Although the Help to Buy Equity Loan is no longer available in England (you can still apply for an equity loan in Wales), there are additional schemes and support available for young professionals looking to secure their dream property.
Shared Ownership – an option for acquiring your first home without a substantial mortgage or sizable deposit. This scheme allows you to purchase a share of a property, typically ranging from 25% to 75%, while renting the remaining portion.
Lifetime ISA - This type of savings account offers young people aged 18-39 the chance to save for either a deposit on their first home or for retirement. Save up to £4,000 annually and the Government will top this up with an additional 25% each year.
First Time Buyer mortgages – Allows young professionals to purchase their first home, with some lenders accepting deposits as low as 5%.
Trusted lenders we work with
