Professional mortgages
Find out everything you need to know about mortgages for professionals, including how they work and who is eligible.
What is a professional mortgage?
Most lenders don’t offer a specific product known as a ‘professional mortgage’. The term usually refers to when somebody in a professional occupation applies for a mortgage with specific benefits.
Some lenders offer professionals enhanced mortgage terms because they are viewed as lower risk. This is because they are seen to:
Have more job security
Have a predictable career path
Receive reliable salary increases
Have proven reliability and dedication to get the required qualifications and training
Not all mortgage lenders will offer professionals better deals, so it’s worth shopping around. Using a mortgage broker can help you find the best mortgage deals for professionals.
How do professional mortgages work?
Professional mortgages work in the same way as any other mortgage. The only difference is you may be able to get more favourable terms and benefits, including:
Higher loan amounts: Most mortgages offer a maximum loan amount of 4 or 4.5 times your annual income; however, this is often increased to 5 or 5.5 for professionals.
Higher LTV: Some providers will extend their maximum loan-to-value (LTV) for professionals; e.g. if their normal maximum LTV is 90%, they may offer 95% loans to professionals.
Flexible lending criteria: You may find it easier to be accepted for a mortgage application as a professional, for example, if your credit record isn’t perfect or you’ve recently changed jobs.
Overpayments: Most mortgages cap how much you can overpay, usually at around 10% a year. Many mortgages for professionals have a higher cap or even have no cap at all, meaning you can make as many overpayments as you like.
Added benefits: You may be able to access certain benefits like exclusive interest rates, discounted valuation fees or cashback on completion if you’re a professional.
In order to be eligible, you will need to meet the lender’s definition of a professional occupation.
Who qualifies for a professional mortgage?
Each lender will have their own criteria for who is eligible for professional mortgage terms. However, typical professions that will qualify include:
Accountants
Barristers
Solicitors
Dentists
Engineers
Pilots
Vets
Some lenders will also include applicants in trainee roles or who have only recently started in their profession.
This is not an exhaustive list, and many lenders will include other professions or consider you if you’re a high earner.
You may need to prove you are registered with a relevant governing body for your profession to qualify. For example, you will need to be a member of the General Medical Council if you’re a doctor or the Institute of Chartered Accountants if you’re an accountant.
Should I get a professional mortgage?
If you meet the eligibility criteria, it’s worth shopping around to find a lender that offers preferential deals to professionals.
Not all lenders do this, so your options will be more limited. Make sure you consider each mortgage's terms and conditions before you apply.
Even though a lender may offer a bigger loan or slightly lower rate because you're a professional, it doesn’t mean it will be the best deal for you.
Think about what you want or need from your mortgage. If you’re struggling to borrow enough to buy the property you want, finding a lender who offers more to professionals could help you get the loan you need.
How to get a professional mortgage
Here are the steps you need to take to find the best mortgage deal as a professional:
Before you can find a deal, you need to understand how much you want to borrow, what monthly repayments you can afford and how long you want your mortgage to last. A mortgage calculator can help you get an idea of what you could get.
When you apply for a mortgage, you’ll need things like proof of address, bank statements and payslips. When applying as a professional, you may also need to provide proof of your occupation and governing body membership.
All lenders will check your credit report as part of your application. If your score doesn’t meet their criteria, it’s unlikely they will offer you a mortgage, even if you’re a professional. If your score is low, try to take steps to improve it before you apply.
One of the best ways to find the right professional mortgage deal is to use an expert broker. They can identify all the lenders that offer mortgages for professionals and help you find the best offer from across the market.
Our expert says...
“If you’re in a professional occupation, there’s a good chance you could get a better deal on your mortgage. Lots of lenders will see you as a low-risk borrower and reward you with better terms.
To find the best possible deal as a professional, speak to one of our expert advisors. They can find the lenders who offer professional mortgages and help you get the best deal for you.”
Professional mortgage FAQs
This depends on the lender, but some will only offer preferential terms if you’ve been in your role or profession for at least 10 years.
However, some lenders are more lenient and will offer professional benefits even if you are a trainee in your role.
Not all lenders offer specific mortgage terms to professionals. Most high street lenders don’t give benefits based on your occupation, but a few will.
There are also specialist mortgage providers and private lenders that offer better deals for professionals. The best way to find professional mortgage deals is to speak to a mortgage broker who can search the market for you.
One of the biggest benefits is that it can allow you to borrow more and boost your budget.
How much you can borrow will depend on the lender, but most offer 5, 5.5 or even 6 times your annual salary. This is more than a standard mortgage, where you can typically borrow 4 or 4.5 times your salary.
That means if you earn £60,000 as a professional, you could potentially borrow up to £360,000 with a mortgage for professionals. With a standard mortgage, you could be able to borrow between £240,000 and £270,000.
What you can borrow will also be determined by your affordability and credit score, so it may be lower if you have lots of outgoings or a poor credit score.
As long as one of the applicants is considered a professional, you should still be able to benefit from professional mortgage terms.
Some lenders may adjust how much they’re willing to lend you; for example, they may multiply your income by 5.5 as a professional but multiply your partner’s by 4.5 as a non-professional.
Qualifying for a professional mortgage when you’re self-employed can be harder because your income can be less predictable.
One of the main reasons lenders consider professionals to be a lower risk is that their career path and income can be more stable. However, you could still qualify if you’re a self-employed accountant and a member of the applicable governing body, for example.
Lenders are more likely to assess your situation on an individual basis and set the terms and benefits of their offer accordingly.
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