If you are a professional you may well be able to get a professional mortgage. But, what is a professional mortgage? Who can get a professional mortgage? Do you need a professional mortgage? What are the benefits of a professional mortgage?
We will answer these and many other questions within this guide.
What is a Professional Mortgage?
Similarly to all other mortgages, a professional mortgage is a loan secured on a property by Mortgage Deed. As such, the loan can be used to purchase a new property or refinance / remortgage an existing property.
Specifically, a professional mortgage is a mortgage that is designed for people within certain professions. Commonly, mortgage lenders class certain types of work as professional. In particular, these professions can offer more stable employment and clear routes for career progression.
Statistically speaking, stable employment provides enhanced security for the mortgage. As such mortgage lenders generally like professional applicants. To put it another way, they will rally for your business.
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Who Can Get a Professional Mortgage?
For example you must be working in a role the lender considers a profession. As such, you will need to have certain qualifications. Also you must be registered with a professional body. You might be required to have a certain amount of deposit, or a minimum income level. By comparison different lenders have different criteria they apply. Hence, we are a specialist professional mortgage broker and can explain all of this for you.
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List of Eligible Professionals
Basically, each professional mortgage lender has a list of industries that qualify as a profession. Therefore, if you work in one of these industries, it is possible you could be accepted. However, you may need a specialised qualification. Or to be practicing in the UK, and be a member of a professional association:
- Armed Forces
- Civil Servants
- Fire Service
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What if you are a trainee professional?
Thankfully, there are mortgages available for unqualified or trainee professionals. Often your financial career path (although not guaranteed) is somewhat pre-determined. Accordingly, lenders like this, and might, offer to lend up to 6 times your income. Again, these mortgages can offer other substantial benefits over mainstream deals.
Professional Mortgage Broker
Simple Fast Mortgage is a specialist professional mortgage broker. Specifically, we provide professional mortgage broker services to professional people. As such, we specialise in providing advice to help professionals buy and refinance property.
Simple Fast Mortgage work with professionals from all walks of life. Of course, professional industries differ substantially. However, in terms of mortgage finance the challenges and problems professionals face are distinctly similar.
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Professional Mortgage Rates
Many people ask if they can secure a lower mortgage interest rate through a professional mortgage. Generally, the answer to this question is ‘no’. On balance, the best interest rates are with mortgage products that are available to everyone.
To explain, a professional mortgage is a type of specialist mortgage. Specialist mortgages almost always have a higher interest rate. By definition, if you require a specialist mortgage, there is something ‘extra’ you need the mortgage lender to provide.
Of course some lenders may be happy to go beyond their standard mortgage offering. However, they will want you to pay more in return. In similar fashion to any other service you might purchase. Equally, individuals who take a professional mortgage usually want to borrow more money than a standard mortgage would allow. In return, lenders will charge more than a standard mortgage would normally cost.
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Having options can create problems
Clearly as a professional you have worked hard to get where you are. Particularly, years of study while others sat back. Consequently, yow you are in a strong financial position.
Equally, you may have a good deposit and healthy credit rating. As such, you will have lots of options to consider. However, having many choices can pose a modern day issue; having many options and not knowing which path to chose. How many times have you deliberated over what to watch on Netflix or which restaurant to eat at?
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How do I choose the best mortgage for me?
Clearly, knowing the right way to go with so many options can be confusing. Indeed, unless you are an expert in that field. Without doubt as an expert in your own field you will appreciate this.
Let us understand your position and deliver simple tailored advice. We have flexible online appointments to suit your schedule. Face-to-face or on the telephone.
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Professional Mortgage Providers
Of course, lenders mortgage criteria is vastly complex. You have to satisfy not one, but a myriad of conditions to qualify for a mortgage. Unfortunately, you might find out you do not qualify after spending a lot of time completing an application. Not to mention preparing supporting evidence.
Obviously, failed mortgage applications risk losing the property and can affect your credit file.
Absolutely, you wouldn’t cut your own hair (albeit in recent times some of us may have tried!).
To summarsie, you can leverage our specialist knowledge to find a suitable mortgage for you. After all, our initial consultation is always free. Thereafter, in many cases we do not charge a fee at all.
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I don’t need advice
However, if you prefer to go it alone here is a list of some of the lenders that provide professional mortgages (correct at the time of writing):
- Chorley Building Society
- Kent Reliance
- Harpenden Building Society
- Saffron Building Society
- Dudley Building society
- Buckinghamshire Building Society
- Darlington Building Society
- H&R Intermediaries
- Marsden Building Society
- Clydesdale Bank
- Metro Bank
- Scottish Widows
Accredited Mortgage Professional – Society of Mortgage Professionals
All Simple Fast Mortgage advisors are members of the Society of Mortgage Professionals. What’s more we are also members of the Chartered Insurance Institute, and the Equity Release Council. Just like you we subscribe to relevant professional associations to demonstrate our competency.
In other words we subscribe to the highest levels of professional knowledge and technical competence.
We are committed to high professional standards through professional ethics and a customer-centric culture.
The Society of Mortgage Professionals Code of Ethics requires us to:
- Comply with the Code and all relevant laws and regulations
- Act with the highest ethical standards and integrity
- Act in the best interests of each client
- Provide a high standard of service
- Treat people fairly regardless of age; disability; gender reassignment; pregnancy and maternity; marriage and civil partnership; race; religion and belief; sex; and sexual orientation
You can read our customer reviews on Google here.