What is a Professional Mortgage?
When looking for a mortgage online you might have come across the term “Professional Mortgages” amongst the many schemes available to you.
But what exactly is this?
And is it something that is suitable for yourself when you’re looking to buy or upgrade your home.
There are other careers classed as professional and these are below:
- Chartered Surveyor
- Military officer
Professional mortgages are schemes aimed at borrowers who are in certain professions where there are qualifications required. It will also have a predictable career progression path with long term prospects.
The reliable income factor makes them a more favourable candidate for lenders. Some of these lenders don’t operate on the high street. They require specialist mortgage brokers such as ourselves to organise and conduct the application.
The income profile of high net clients and professionals, some who may be partners in a business don’t always have a straightforward PAYE income. This could mean that a specialist mortgage broker maybe required. This is where we can help you with this.
Do You Qualify?
- if you are a fully qualified and registered professional
- that is practicing and registered with the relevant governing body
- over 21
then you could qualify for a professional mortgage.
Lenders will feel more comfortable lending larger amounts to clients who are in a professional career.
There is guaranteed employment stability and a typical career path structure with pay rises. This usually means you get access to better rates. This means lower repayment amounts each month. You can also get access to extra options such as flexible terms and other unique options with your mortgage. The professional mortgage is designed to follow your career path.
Changes to the High Street
More and more high street banks and lenders are offering professional mortgages. With new schemes being made available each week it’s vital you have knowledge and all the information available. This is so you can see what options are available to yourself.
Here at Mortgage Squared we have strong relationships with high street and private banks, specialist lenders and wealth managers. This means we can find you a professional mortgage to suit your requirements.
Speak to us today and we can make sure you get fully qualified professional advice and access to the latest rates and schemes available to professionals.