Professional Mortgages - Mortgages By McAteer
What is a Professional Mortgage?
A Professional Mortgage is generally a mortgage product available to newly qualified professionals. To be entitled to apply you’d need to have qualified within the last five years in one of the accepted professions. Professionals for the purposes of this type of mortgage include:
- Chartered surveyors
- Medical doctors
How do I know if I qualify for a professional mortgage?
Different lenders have their own criteria to qualify for a professional mortgage product, so speaking to one of our Mortgage Brokers will help you find the right mortgage, depending on your profession.
Do doctors get better mortgage rates?
There are certain products that are intended only for professionals and they can be cheaper than other products. There’s no specific ‘doctor mortgage’, however, the doctor would be entitled to the same type of professional product as any other professional.
As a professional, can I get a mortgage five times my salary?
It’s actually possible to get five and a half times your salary with a professional mortgage product. With newly qualified professionals, the expectation is that their income is going to increase over the next few years, which means that Mortgage Lenders have peace of mind that your job is secure within the industry and your affordability will increase over time.
How much do I need to make for a £250,000 mortgage?
If you’re buying the property on your own, using five and a half times your salary, and have no credit commitments, you would need to be earning £45,000 – £46,000 per year to achieve a mortgage of £250,000. If you’ve got loans, credit cards, and other commitments then your affordability is reduced and you may not be entitled to borrow such a high multiple of your salary.
Which lenders offer professional mortgages?
There are quite a few lenders that offer this type of product, so speaking to one of our brokers will help you to identify which is the right one for you.
How can a Mortgage Broker like McAteer help?
For somebody that’s just starting out in their profession, especially a First Time Buyer, we can offer mortgage advice and help with planning for your future applications. We can save you time and money because we have access to many lenders you won’t find on the high street, which will save you the effort of looking for yourself.
If you’re a professional and want to find out if you qualify for a professional mortgage product, get in touch. There are some lenders who provide for different occupations, so it’s possible that you qualify, even if you’re not listed above. We can also help you to determine how much you can borrow and put you in the best position to be able to buy your future home.
From the Mortgages by McAteer website, navigate to the contact page and get in touch if you’d like some more advice or help.
Your property may be repossessed if you do not keep up repayments on your mortgage.