Do professionals get better mortgage rates?

Working professionals mortgage rates

As an educated professional, you have worked hard to put yourself on a stable and potentially lucrative career path. This can make getting a mortgage easier, and you may even find that some mortgage lenders offer better deals.

Mortgage lenders tend to look favourably upon and offer competitive mortgage rates to professionals. They view professional applicants as low risk due to their stable and higher incomes, job security, education, and potential career progression.

In this article, I’ll look at mortgages for professionals more closely and answer some frequently asked questions.

For personal advice on the range of professional mortgages available, please do not hesitate to contact Goldmanread.

Is it easy to get a professional mortgage?

As stated above, lenders view professionals favourably, so getting a mortgage in certain professions, such as healthcare and engineering, is generally more straightforward. However, approval is still contingent on the borrower’s creditworthiness and other circumstances.

To make the process easier and ensure you get a competitive deal on a professional mortgage, working with a mortgage broker is recommended. They can help you understand the eligibility requirements for a professional mortgage and improve your chances of success.

Who are classed as professional borrowers?

Broadly speaking, a ‘professional’ is considered someone in an occupation with a defined professional career path linked to education and seniority progression, e.g., medical doctors, lawyers, vets, accountants and civil engineers.

Each mortgage lender has its own criteria for who qualifies for a professional mortgage, and some will only lend to applicants in certain professions, such as teaching.

Many lenders also offer mortgages to key workers as part of their professional mortgage offering.

Can self-employed professionals get a mortgage?

If you are a self-employed professional, it may be more beneficial to approach mortgage lenders offering bespoke deals to the self-employed. Certain lenders look more favourably upon the fluctuating nature of a self-employed professional’s income, considering an average over several years as opposed to just the last year’s annual income.

Read more about getting a mortgage as a self-employed professional here.

What if I am a newly qualified professional?

Many mortgage lenders happily consider newly qualified professionals, as they will likely have a structured career path leading to a generous income over time.

What are the interest rates for professional mortgages?

The interest rate on a professional mortgage is generally the same as offered to other borrowers in either fixed or variable rates. Similarly, they have access to interest-only mortgages where the mortgage repayments consist of only interest, and no capital payments are required.

Where it differs is that some specialist lenders may offer exclusive lower mortgage rates and more favourable terms to professionals if they meet their eligibility criteria.

There are 100s of lenders offering 1,000s of mortgage deals, so speaking to an experienced, independent mortgage broker is highly recommended when arranging finance. Goldmanread is a specialist professional mortgage broker and can present your options before completing the mortgage application on your behalf.

How much can you borrow with a professional mortgage?

The amount you can borrow with a professional mortgage depends on various factors, including income and creditworthiness. Additionally, the loan-to-value ratio and the size of your deposit play a big part in determining your borrowing capacity.

As professionals can usually demonstrate a reliable income and good prospects, they are considered lower-risk borrowers. So, generally speaking, professional mortgage schemes are designed to accommodate higher loan amounts with more favourable interest rates, often exceeding the limits of standard mortgages.

What income multiples are available on professional mortgages?

Professionals will generally be offered generous income multiples. This is because lenders accept that their incomes will increase over time and are on a generally stable career path.

It is not uncommon for mortgages for professionals to be offered at a multiple of five times income. Some lenders will consider income multiples of six to seven times, although this is more common for newly qualified professionals.

Which mortgage lenders offer professional mortgages?

Most major high-street banks and building societies are happy to lend to professionals. Some specialist lenders will only lend to professionals, although the rates on offer are often not much more competitive than those offered by standard lenders.

Mortgage brokers have access to both high-street and specialist lenders, so they can search the whole market for the most competitive deals.

Speak to a professional mortgage broker today

Goldmanread is an experienced team of mortgage brokers with a great deal of experience in arranging mortgages for professionals. We provide independent mortgage advice to professional borrowers and save them valuable time by managing the entire mortgage application.

As an independent broker, we can source mortgage products from a wide range of lenders, including specialist and private mortgage lenders. Often, such lenders only operate via mortgage brokers. So, by working with Goldmanread, you may have access to exclusive mortgage deals not available on the high street.

Contact us today to talk about your professional mortgage requirements.

Clive Read
Clive Read

Clive Read is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.

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