Mortgages for Professionals
Find out everything you need to know about mortgages for professionals, including how they work and who is eligible.
What is a professional mortgage?
Most lenders don’t offer a specific product known as a ‘professional mortgage’. The term usually refers to when somebody in a professional occupation applies for a mortgage with specific benefits.Some lenders offer professionals enhanced mortgage terms because they are viewed as lower risk. This is because they are seen to:
Have more job security
Have a predictable career path
Receive reliable salary increases
Have proven reliability and dedication to get the required qualifications and training
Not all mortgage lenders will offer professionals better deals, so it’s worth shopping around. Using a mortgage broker can help you find the best mortgage deals for professionals. Experienced mortgage brokers are well-versed in the large loan space and can provide tailored assistance to professionals, ensuring a smooth mortgage experience from start to finish.
How do professional mortgages work?
Professional mortgages work in the same way as any other mortgage. The only difference is you may be able to get more favourable terms and benefits, including:
Higher loan amounts: Most mortgages offer a maximum loan amount of 4 or 4.5 times your annual income; however, this is often increased to 5 or 5.5 for professionals.
Higher income multiples: Professionals often qualify for higher income multiples due to their job security and career prospects, allowing lenders to offer more favorable lending terms.
Higher LTV: Some providers will extend their maximum loan-to-value (LTV) for professionals; e.g. if their normal maximum LTV is 90%, they may offer 95% loans to professionals.
Flexible lending criteria: You may find it easier to be accepted for a mortgage application as a professional, for example, if your credit record isn’t perfect or you’ve recently changed jobs.
Overpayments: Most mortgages cap how much you can overpay, usually at around 10% a year. Many mortgages for professionals have a higher cap or even have no cap at all, meaning you can make as many overpayments as you like.
Added benefits: You may be able to access certain benefits like exclusive interest rates, discounted valuation fees or cashback on completion if you’re a professional.
In order to be eligible, you will need to meet the lender’s definition of a professional occupation.
Who qualifies for a professional mortgage?
Each lender will have their own criteria for who is eligible for professional mortgage terms. However, typical professions that will qualify include:
Accountants
Barristers
Solicitors
Dentists
Engineers
Pilots
Vets
Some lenders will also include applicants in trainee roles or who have only recently started in their profession.
This is not an exhaustive list, and many lenders will include other professions or consider you if you’re a high earner or a newly qualified professional.
You may need to prove you are registered with a relevant governing body for your profession to qualify. For example, you will need to be a member of the General Medical Council if you’re a doctor or the Institute of Chartered Accountants if you’re an accountant.
Should I get a professional mortgage?
If you meet the eligibility criteria, it’s worth shopping around to find a mortgage lender that offers preferential deals to professionals. Not all lenders do this, so your options will be more limited. Make sure you consider each mortgage’s terms and conditions before you apply.
Even though a lender may offer a bigger loan or slightly lower rate because you’re a professional, it doesn’t mean it will be the best deal for you. Think about what you want or need from your mortgage.
If you’re struggling to borrow enough to buy the property you want, finding a lender who offers more to professionals could help you get the loan you need.
How to get a professional mortgage
Talk to a broker: A mortgage broker can help you navigate the complex mortgage market and find deals that you might not be able to find on your own. They have access to a wide range of lenders and can provide personalized advice based on your financial situation.
Consult specialist lenders: Besides high street banks and challenger banks, consider consulting specialist lenders. These lenders offer exclusive mortgage deals tailored for professionals and high earners. They may not be easily discoverable through traditional searches, so working with a mortgage broker can help you access these unique financing options.
Before you can find a deal, you need to understand how much you want to borrow, what monthly repayments you can afford and how long you want your mortgage to last. A mortgage calculator can help you get an idea of what you could get.
When you apply for a mortgage, you'll need proof of address, bank statements and payslips. When applying as a professional, you may also need to provide proof of your occupation and governing body membership.
All lenders will check your credit report as part of your application. If your score doesn’t meet their criteria, it’s unlikely they will offer you a mortgage, even if you’re a professional. If your score is low, try to take steps to improve it before you apply.
One of the best ways to find the right professional mortgage deal is to use an expert broker. They can identify all the lenders that offer mortgages for professionals and help you find the best offer from across the market.
Our expert says...
“If you’re in a professional occupation, there’s a good chance you could get a better deal on your mortgage. Lots of lenders will see you as a low-risk borrower and reward you with better terms.
To find the best possible deal as a professional, speak to one of our expert advisors. They can find the lenders who offer professional mortgages and help you get the best deal for you.”
Professional mortgage FAQs
This depends on the lender, but some will only offer preferential terms if you’ve been in your role or profession for at least 10 years.
However, some lenders are more lenient and will offer professional benefits even if you are a trainee, providing access to a professional mortgage range specifically designed for newly qualified professionals such as trainee accountants, solicitors, and junior doctors.
Not all lenders offer specific mortgage terms to professionals. Most high street lenders don’t give benefits based on your occupation, but a few will.
There are also specialist mortgage providers and private lenders that offer better deals for professionals. The best way to find professional mortgage deals is to speak to a mortgage broker who can search the market for you.
One of the biggest benefits for professional borrowers is that it can allow you to borrow more and boost your budget.
How much you can borrow will depend on the lender, but most offer 5, 5.5 or even 6 times your annual salary. This is more than a standard mortgage, where you can typically borrow 4 or 4.5 times your salary.
That means if you earn £60,000 as a professional, you could potentially borrow up to £360,000 with a mortgage for professionals. You could borrow between £240,000 and £270,000 with a standard mortgage.
What you can borrow will also be determined by your affordability and credit score, so it may be lower if you have many outgoings or a poor credit score.
As long as one of the applicants is considered a professional, you should still be able to benefit from professional mortgage terms.
Some lenders may adjust how much they’re willing to lend you; for example, they may multiply your income by 5.5 as a professional but multiply your partner’s by 4.5 as a non-professional.
Guarantor mortgages can also be an option for professionals with non-professional partners, providing additional support and easing the transition into home ownership.
Qualifying for a professional mortgage when you’re self-employed can be harder because your income can be less predictable.
One of the main reasons lenders consider professionals to be a lower risk is that their career path and income can be more stable. However, you could still qualify if you’re a self-employed accountant and a member of the applicable governing body, for example.
Lenders are more likely to assess your situation on an individual basis and set the terms and benefits of their offer accordingly.
Mortgage resources for professionals
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Important info & marketing claims
You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
*The savings figure of £656 is based on Better.co.uk remortgage customers in April 2024. Read more on our marketing claims page.
We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.
Average mortgage decision and approval times are based on Better.co.uk's historic data for lenders we submit applications to.
Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.
As of January 2023, Better.co.uk has access to over 100 lenders. This number is subject to change.
For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.
