Professional Mortgage
A professional mortgage is mortgage products designed specifically for professionals such ad doctors, dentists, accountants, solicitors, teachers, vets and pharmacists. Some lenders will also class nurses as professional within their mortgage schemes.
Depending on the lender professional mortgage schemes can offer a number of benefits with their professional mortgages products. Below are some of the options lenders may offer.
High Income Multipliers for a Processional
Professional Mortgage schemes used to offer higher income multipliers to you as a professional allowing you to borrow higher than the mortgage lender would normally lend using standard mortgage income multipliers.
100 % Professional Mortgages
Some mortgage lenders offer Professional mortgage schemes allow you to borrow 100% of the valuation or purchase price of the property (whichever is lower). These can often by a lower rate on interest to a standard 100% mortgage. A mortgage higher lending fee may be charged by the lender please check the details in the fee section in the full product details or ask your Financial Advisor.
currently there are no 100% professional mortgages available, when the situation changes we will update this section.
Your home may be repossessed if you do not keep up repayments on your mortgage
Interest Only Processional Mortgage
Professional mortgages can often be agreed on an interest only basis for a set period of time by the mortgage lender. They offer this as the appreciate that many newly qualified professional people are on an incremental salary scale, which should allow them to switch their mortgage to a repayment mortgage in the future.
Professional First Time Buyer Mortgage Range
A typical Professional First Time Buyer mortgage offers greater purchasing power up to 100% loan to value, helping you to take their first step onto the property ladder. Below is an example of the typical professional mortgage benefits
- Up to 5x sole income, 4.5x joint income
- Greater borrowing power for selected professionals
- Up to 100% LTV (fees can be added)
- Maximum loan amount at 100% LTV – up to £400,000
- First Time Buyers Only
- 10% overpay
The Professional Mortgage is available to the following occupations:
- Medical Doctors
- Dentists
- Pharmacists
- Teachers
- Architects
- Accountants
- Actuaries
- Vets
- Chartered Surveyors
- Optometrist/Ophthalmic Opticians
- Barristers
- Solicitors
- High Potential Development Scheme Police Officers
- Graduate Fast Stream Civil Servants
- Commissioned Military Officers
The product is available to First Time Buyers only. Offering enhanced income multiples for those customers in a professional occupation.
Do you want No Fee Professional Mortgage Advice?
If you would like to find out more about Professional Mortgage rates please contact us for no broker fee mortgage advice
