Professional Mortgages Guide

What are Professional Mortgages?

Professional Mortgages are mortgages exclusively available to those with professional careers, these can provide a number of benefits to the borrower due to lenders deeming these individuals lower risk and often with increasing income year-on-year. These are available via a few different lenders namely Scottish Widows (Lloyds Banking Group), Clydesdale (Virgin Money) and Kensington Mortgages for specialist professionals. These mortgages are available for the following professionals:

• Medical Doctors Mortgages 
• Dentists
• Accountants
• Vets
• Lawyers
• Solicitors
• Barristers
• Engineers 
• Teachers Mortgages

These mortgages normally require you to be actively practising and registered with a relevant governing body.

A Professional Mortgage can give you the access to the following:

• Better rates of interest than the lenders standard range
• Flexibility of underwriting with bespoke mortgage underwriting; this can alleviate some of the above challenges and hurdles. For example: able to understand and accept locum income
• Higher loan to value products giving access to lower deposit mortgages and getting you onto the ladder faster
• Access to higher level of income multiples allowing you to buy the home you really want to perhaps living closer to your place of work which may be more expensive to live ie. central city locations
• Offset mortgages can be beneficial for professionals that are saving for tax or other emergency funds and utilise these funds to offset against mortgages. 
• Exclusive mortgage rates that are only available to professionals on improved rates than the lenders standard range of products or in some cases lower arrangement fees

In some cases professionals will fall into HNW category, especially borrowing over £750,000, this opens-access to private banks. See our HNW Guide.

Speak to a Mortgage Expert

Often professional mortgages or private banks require a Mortgage Expert access as these lenders are rarely found in a google search to execute an application yourself. Therefore it’s a good idea to speak to one of our Mortgage Experts and we can advise on professional mortgage arrangements.