Mortgages for Professionals

Did you know that if you work within certain industries or professions, you can access mortgage deals unavailable to the general public? Here we’ll explain all you need to know about professional mortgages, including where to find lenders offering the best rates and how to qualify for this unique type of home loan.

What is a professional mortgage?

This is a term used to describe mortgages aimed specifically at people who work within particular career fields. These professions typically offer high levels of employability and stability, allowing lenders to offer better deals, superior terms, or even tailor a mortgage to your situation. 

Benefits of these mortgages 

Qualifying for a professional mortgage can offer several unique borrowing benefits, including:

• Lower fees: Lenders might offer lower arrangement fees or incentives to attract you as a customer. 
• Borrowing higher salary multiples: It can be possible to borrow higher salary multiples compared to standard applicants, which can be particularly helpful if you’re a single applicant. 
• Smaller deposits: Some lenders will allow a smaller deposit, meaning a higher loan-to-value (LTV) ratio as you present less risk.
• Better rates: Being a lower risk to lenders means you might get better rates than other customers. 
• Flexible or tailored terms: Lenders may offer bespoke terms unavailable to other borrowers. 
• Repayment holidays: Permitted mortgage payment holidays if you ever need to postpone payments.
• Proof of income: Self-employed professionals can sometimes use lower levels of income proof (perhaps just 1 year’s accounts instead of several years).
• Lenient overpayment rules: Some professional mortgages allow you to overpay more than the typical 10% each year.
• Borrow back options: Certain lenders let you borrow back payments made or access additional finance for career development or continued education.

What jobs qualify?

Job roles that may qualify for a professional mortgage include:

• Medical professionals: Doctors, dentists, NHS workers, nurses, pharmacists, vets, and more.
• Key workers: Teachers, police, firemen, armed forces, and others key workers.
• Higher earners: Investment bankers, business executives, and high net worth individuals.
• Other professions: Solicitors, barristers, engineers, accountants, architects, and surveyors.

Keep in mind, this isn’t a comprehensive list of all professions covered. It depends on the lender, but plenty of skilled roles could make you eligible for a professional mortgage. 

How much can you borrow?

Typically, how much you can afford to borrow would be based on roughly 4.5 times your salary. However, with a professional mortgage, lenders can stretch this to 6 times your salary. 

Use our calculator below to get an idea of your maximum borrowing amount with a professional mortgage:

Eligibility criteria

To qualify for a competitive professional mortgage, typical requirements include:

• Your profession: The type of career you have and your level of seniority can impact which mortgages you can apply for. 
• Deposit: Although you might be able to get a mortgage with a smaller deposit, you’ll need to contribute something. And, your LTV ratio will likely affect your eligibility and rates.
• Credit history: A clean credit record can work in your favour and help secure lower rates. However, even with bad credit, professional mortgage options are available. 

Other factors considered include your age, the type of property you want to buy, whether the ownership is leasehold or freehold, and more.

Lenders offering professional mortgages

There are fewer lenders offering professional mortgages, but you will still have options whether you’re based in London, Manchester, Newcastle, or anywhere else across the UK. 

For example, high-street lenders and banks like Scottish Widows and Clydesdale Bank (Virgin Money) offer professional mortgages. However, niche lenders like the Scottish Building Society and other specialists might offer better rates and terms.

Compare the latest rates

Mortgage rates for professionals are often cheaper than those available to ordinary borrowers. Factors such as the size of your deposit, your particular career, your level within that career, your credit score, and the overall strength of your application can all play a role. 

It’s worth making the most of your circumstances because qualifying for a professional mortgage means you’ll likely secure better rates and loan terms with the right lender.

You can compare professional mortgages yourself for free on Teito, or get support from one of our qualified and impartial brokers. Get started below:

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Can you get a professional buy-to-let mortgage?

Yes, professional mortgages can also benefit buy-to-let (BTL) mortgage applicants. However, BTLs are treated differently. Other eligibility factors will play a role, such as: property use, rental income strength, and whether you own any other properties. 

If you want to explore buy-to-let mortgages as a working professional, it’s often worth speaking to an experienced broker. They will be able to advise you on the best course of action and introduce you to the right lenders for your needs.

Mortgages for young professionals

Even if you’re still training, a recent graduate, or at the start of your career, you can secure a professional mortgage with some lenders. While young professionals may have fewer options and slightly less competitive rates and terms, these deals are still typically better than those available to regular applicants.

Why choose Teito for your professional mortgage needs?

At Teito you can compare the latest rates and deals for professional mortgages from over 90+ UK lenders. If you need some support with your search, our specialised brokers are on hand to help guide you through the mortgage process.

Here are some more of the reasons people choose us to find their mortgage:

• Huge selection of nationwide lenders and thousands of mortgages
• Our brokers specialise in professional mortgages and can access exclusive deals
• We have a 5-star rating on leading review websites
• You can get an agreement in principle in minutes

Ready to compare rates for free and take advantage of a free, no-obligation chat with a broker who specialises in professional mortgages? Get started here.