Mortgages for professionals

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Who is eligible for a professional mortgage?

There can be some variance in which careers individual lenders specifically view as ‘professional’, but generally you’ll need to be fully qualified and practicing within your chosen profession. Some lenders may also require that you’re a member of a professional association, however, this won’t apply to all roles.

Some examples of applicants that may be considered for a ‘professional mortgage’ are:

• Accountants

• Architects

• Barristers

• Doctors

• Dentists

• High net worth individuals and those who are asset rich

• Medical professionals

• Optometrists

• Pharmacists

• Solicitors

• Surveyors

• Vets

However, this is not an exhaustive list, and equally, not all lenders will treat applicants in any of these professions differently to any other applicant.

Many lenders offer certain benefits to professionally qualified applicants as they are considered to be lower risk. This is mostly due to greater job security and a more structured path of career progression and pay increases.

What are the main benefits of a professional mortgage?

Getting a mortgage can be easier if you’re in a professional career, but some lenders will also offer additional benefits, such as:

• Borrow more - it can be easier to borrow a higher multiple of your income as a professional. Whereas the average mortgage loan is 4.5 x your income, it’s sometimes possible to borrow up to 6 times what you earn in certain careers

• Lower deposit - due to being considered a lower risk applicant, some lenders will be more comfortable to offer you a mortgage with a small deposit. This can mean it’s easier to borrow at 95% LTV, for example

• Flexible terms - Lenders are more likely to allow mortgage repayment holidays and higher overpayment limits to lower risk applicants

• Get a self-employed mortgage with a shorter trading history - many lenders ask for two to three years’ worth of certified business accounts to prove self-employed income. However, it can be easier for applicants with only 12 months’ trading history to qualify for a mortgage if they’re a self-employed professional. Particularly those in junior roles could find this beneficial, such as a trainee doctor

Can I get a mortgage if I’m a newly-qualified professional?

It can be easier to qualify for a mortgage if you’re new to a professional career than if you’re new to a non-professional career. If you’re in a junior role or training to become a professional, proof of a future job offer or promotion will also help reduce risk in the eyes of the lender.

Certain lenders may even be willing to consider future income in some fields, such as if you're a trainee doctor or lawyer, for example.

Are key workers classed as professionals for mortgage purposes?

Although not all key worker roles require a professional qualification, some lenders treat them similarly to professional jobs due to the stability and structured career path they typically offer. 

While affordability will remain an important factor, certain key worker roles may also be entitled to similar benefits as professional applicants from some lenders. What is considered to be a ‘key worker’ can vary from one lender to the next, but may include:

• Civil servants

• Fire service

• Foster carers

• Nurses and similarly trained health care workers

• Military personnel

• Police officers and staff

• Social workers

• Teachers

It’s also worth keeping in mind that certain home ownership schemes may prioritise access for those in key worker roles. An example of this is the First Home Scheme, which is available in England.

Do lenders class high net worth individuals as professionals?

Not all lenders are able to process the often complex incomes of a high net worth individual, so it’s a good idea to contact an independent fee-free mortgage broker, like ourselves, if your income exceeds £300,000 or your assets are greater than £3 million.

That said, those lenders that do offer mortgages to high net worth applicants usually provide similar benefits that they would to professionals. For example, a much more relaxed lending criteria and the ability to borrow 6 times their income, or potentially even more than that. 

This tends to be classed as specialist lending, which often means more bespoke mortgages, that won’t necessarily be standard ‘off the shelf’ products. This can be helpful for those looking to utilise their means, but without losing their financial liquidity through an outright purchase.

How can a broker help find me a better deal as a professional?

If you’re a professional, key worker or high net worth individual, it can be beneficial to speak to a mortgage lender to ensure you’re making the most of your circumstances.

Our specialist mortgage knowledge will allow us to recommend those lenders that can make best use of your income and career status. This will ensure you find you the most suitable mortgage for your needs and circumstances.