Professional mortgages are mortgages that are specifically aimed towards those who are employed in certain professions. The selected professions all have a predictable career progression and reliable income stream, which makes them a more attractive prospect for lenders. Examples of the professions in which professional mortgages are tailored towards are:
If you are unsure as to whether you qualify for a professional mortgage, why not call one of our specialist professional mortgage advisers who can assist in evaluating your circumstances and assessing your eligibility for a professional mortgage.
Generally, the minimum that you can borrow with a professional mortgage is £50,000 over 5-40 years. In addition to the previously mentioned criteria, borrowers must also be between the ages of 21 and 70. Professional mortgages can provide loans of up to 90% of the purchase price or valuation of the property in some cases, although you can expect around 75% if you are applying for an interest only mortgage. Most professional mortgages also give the opportunity for early repayments. However, there is usually a charge applied within any discounted variable or fixed rate period.
In regards to the repayment methods available to those taking out professional mortgages, the choices are pretty much the same as regular mortgages.
A mortgage broker can help analyse your personal situation and offer independent unbiased advice and guidance to help you find a high loan mortgage that you can afford, and that fulfils your mortgage goals.
The majority of professional mortgage lenders do not operate on the high street, and many only work through independent intermediaries (such as our self). We work with the majority of UK professional mortgage lenders to bring you leading and exclusive mortgage rates tailored to your specific financial situation and needs.