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Mortgages for Professionals
As with many areas of specialist lending, mortgages for professionals is a highly nuanced topic with many lenders having differing definitions of what they consider to be a ‘Professional’. This can include workers in professions such as doctors, accountants, solicitors, teachers and many more. The underlying theme with these professions is often the qualification requirements, whereby career progression is almost guaranteed once a certain qualification has been obtained and income levels will be strong and reliable. Lenders can be confident that the client will follow a certain career path and their job role will always face demand, therefore typically offering more favourable products.
What is a professional mortgage?
Whilst this does not refer to a type of product in its own right, many lenders will offer exclusive rates or products which are only available to professionals, due to the low-risk nature of their employment. Lenders will often be more flexible with deposit requirements and eligibility criteria, as well as offering lower rates or incentives on the available products. A key advantage of such mortgage arrangements is that such lenders may offer an income stretch, i.e. enabling the applicant to borrow significantly more against their level of income.
Some lenders may also be able to offer more flexibility and discretion with underwriting, which is where our position as a broker can help as we will have the relevant discussions with the lender, as well as positioning your case in a way tailored to the lender’s requirements. It’s important to note that not every lender will offer such products, so if you’re a professional looking for a mortgage to suit your needs, simply get in touch today for expert advice and guidance on the most suitable lending arrangement.
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How are mortgages for professionals assessed?
As with any mortgage application, a lender offering mortgages for professionals will often need to see proof of income, which can be in the form of payslips, business accounts or tax year calculations depending on how you are paid. However, some lenders can be more lenient as to the level of income proof needed, which can be particularly beneficial for applicants who have not been in their role for a long period of time and may only have limited income proof such as one years’ accounts, as opposed to a lender’s typical requirement for two years. This is because the nature of the role will often carry stability so the lender can be confident the income will be regular and consistent, often even increasing over time. Some lenders may also offer a VIP treatment to such clients, making the application process even smoother. At Pinnacle you can be assured that you will receive expert, tailored service to fit your needs, no matter your circumstance or profession.