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David Stirling answers your most-asked questions on Professional Mortgages.
What is a professional mortgage and how does it differ to other types of mortgages?
A professional mortgage is usually offered to someone who’s qualified in a specific field such as a vet, doctor, or solicitor. Lenders look at these clients in a slightly different way because their income increases over time, so they will offer them things like higher income multiples, lower deposits or more attractive mortgages, maybe an offset facility, for example.
How do I know if I qualify for a professional mortgage?
There is a long list of professions and they differ from lender to lender. Teachers, accountants, dentists, engineers. There’s quite specific mortgages for teachers for instance or NHS workers. To find out if you qualify the easiest thing to do is to contact a mortgage broker who can go through the criteria with you as there is a list of about 20 or 30 occupations.
Do all professionals and key workers get better mortgage rates?
It’s really down to the lender, but not necessarily. They may just be treated more flexibly, rather than getting a better rate. They might get a higher income multiple or have to put down less of the deposit, it just depends on the lender.
Can I get a mortgage five times my salary?
Yes, five times your salary is quite common these days, and in some cases you can actually get higher than that, depending on circumstances. There is a lender that does five and a half times the income for certain occupations.
How can a Mortgage Broker like Mint Mortgages and Protection help?
We have access to all these lenders and deals, so if you come to us, we go through a fact find to find out your background and profession, as well as your income and what it’s likely to increase to. Then we can search all the lenders to secure you the best rates that we can get.
We also help to package up everything correctly for the lender and help deal with all the other parties such as the solicitors and estate agents. If you’re a professional, you don’t want to be hassled by estate agents and solicitors, we can deal with all of that for you.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
We may charge a fee of up to £395 for mortgage advisory services and administration