Exclusive Mortgage Deals for Professionals: How to Get the Best Rates

Mortgages for Professionals: A Guide to Getting Exclusive Deals

If you’re classified as a professional, the mortgage options available to you are generally the same as for any other borrower. However, certain mortgage lenders offer exclusive deals and rates to professionals, such as key workers, medical professionals, business executives, and legal experts. This guide will show how to access the best mortgage deals for professionals and provide advice on where to find a mortgage broker specialising in this area.

What is a Professional Mortgage?

A professional mortgage isn’t a specific mortgage type but refers to mortgage deals and rates offered to individuals working in certain professions. While professionals can apply for the same mortgage products as everyone else, some lenders offer special treatment due to the perceived lower risk of lending to these individuals.

This may result in more lenient deposit requirements, higher income multiples, or better interest rates. A mortgage broker who specialises in professional mortgages can help identify lenders that offer these benefits.

Which Professions Fall into This Category?

Lenders often consider professionals to be lower risk due to their stable career paths and predictable incomes. Common professions that fall into this category include:

• Medical Professionals: Doctors, dentists, vets, nurses, pharmacists, and optometrists.

• Key Workers: Teachers, social workers, foster carers, civil servants, police officers, firefighters, and military personnel.

• Other Professionals: Accountants, solicitors, barristers, architects, and surveyors.

• High Earners: Business executives, investment bankers, and high-net-worth individuals.

These professionals are seen as a safer bet, and some lenders create exclusive products or offer flexibility in underwriting for them.

How Much Can Professionals Borrow?

Professionals often qualify to borrow more than the standard customer, with some lenders offering up to six times salary compared to the usual 4.5 to 5 times salary. This higher borrowing capacity can make a significant difference in property affordability.

Using a Mortgage One broker with expertise in professional mortgages can help you find the best rates and terms for your situation.

How to Get a Professional Mortgage

The first step is to work with a broker who understands the professional mortgage market. They will know which lenders offer exclusive deals and guide you through the application process.

Mortgage lenders will typically assess your income, qualifications, and career trajectory to determine your eligibility for bespoke deals.

The Benefits of Professional Mortgages

Opting for a professional mortgage can offer several advantages, including:

• Better Rates and Lower Fees: Professionals can often secure lower interest rates and reduced fees.

• Lower Deposit Requirements: Professionals may qualify for low deposit mortgages as lenders see them as lower risk.

• Higher Income Multiples: Some lenders will offer up to 6 times your salary, increasing your borrowing potential.

• Flexible Overpayment Terms: Certain lenders may allow professionals to overpay up to 20% of their mortgage annually without penalty, or in some cases, impose no limit at all.

• Borrow Back Options: Some lenders offer the option to borrow back previously overpaid amounts without going through a full application process.

• Mortgage Repayment Holidays: Professionals are more likely to qualify for repayment holidays due to their perceived lower risk.

• Less Income Proof: Professionals may be able to secure a mortgage with just 12 months of trading history if self-employed, compared to the usual 2-3 years required by other borrowers.

• VIP Service: Lenders offering professional mortgages often provide a more personalised, smoother process.

Mortgage Lenders Who Favour Professionals

Certain lenders cater specifically to professionals, offering exclusive mortgage deals and products. These deals can include everything from lower interest rates to increased income multiples. Using a mortgage broker specialising in professional mortgages ensures you access the lenders that best fit your profile.

Speak to an Expert Mortgage Broker

Mortgage One’s specialist brokers have experience working with professionals across a range of industries. Our experts can help you navigate the mortgage market, ensuring you receive the best deal available based on your professional status.