Professional Mortgages Explained
Professional Mortgage are mortgage products designed specifically for doctors, dentists, accountants, solicitors, teachers, vets and pharmacists. Some lenders will also class nurses as professional within their mortgage schemes
Professional Mortgage Schemes
High Income Multipliers for a Processional
Professional Mortgage schemes can offer higher income multipliers to you as a professional allowing you to borrow higher than the mortgage lender would normally lend using standard mortgage income multipliers. For details of standard income multipliers visit our section on mortgage income multipliers,
100 % Professional Mortgages
Some mortgage lenders offer Professional mortgage schemes allow you to borrow 100% of the valuation or purchase price of the property (whichever is lower). These can often by a lower rate on interest to a standard 100% mortgage. A mortgage higher lending fee may be charged by the lender please check the details in the fee section in the full product details or ask your Financial Advisor.
Due to the "credit crunch" there are currently no 100% mortgages available, when the situation changes we will update this site.
Interest Only Processional Mortgage
Professional mortgages can often be agreed on an interest only basis for a set period of time by the mortgage lender. They offer this as the appreciate that many newly qualified professional people are on an incremental salary scale, which should allow them to swith their mortgage to a repayment mortgage in the future.
Professional First Time Buyer Mortgage Range
A typical Professional First Time Buyer mortgage offers greater purchasing power up to 100% loan to value, helping you to take their first step onto the property ladder. Below is an example of the typical professional mortgage benefits
- Up to 5x sole income, 4.5x joint income
- Greater borrowing power for selected professionals
- Up to 100% LTV (fees can be added)
- Maximum loan amount at 100% LTV – up to £400,000
- First Time Buyers Only
- 10% overpay
The Professional Mortgage is available to the following occupations:
- Medical Doctors
- Chartered Surveyors
- Optometrist/Ophthalmic Opticians
- High Potential Development Scheme Police Officers
- Graduate Fast Stream Civil Servants
- Commissioned Military Officers
Do you want fee free Professional mortgage advice?
If you would like to find out more about Professional Mortgage schemes please contact us for no broker fee mortgage advice
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Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600
We normally do not charge a fee for mortgage advice, however a fee paying option is available. Our typical fee would be £500