Mortgages For Professionals | Complete Guide

If you are a professional in the UK, you can now apply for a professional mortgage and buy the home of your dreams. Mortgages for professionals are becoming popular since the last decade in the UK. The reason is that they offer more flexibility to their customers than other types of mortgages.

This helpful guide on mortgages for professionals will help the new age professionals to know everything for buying a property in the UK. As a specialist mortgage broker, we receive many enquiries from professionals working in the UK and interested in stepping onto the first step on the property ladder.

What is Professional Mortgage?

A professional mortgage is a home loan offered by banks or building societies to people who work in certain professions such as doctors, lawyers, accountants, architects etc. These loans are also known as ‘specialist’ mortgages because they cater to the specific needs of these professionals. They have different features like lower interest rates, flexible repayment terms and no need for credit checks.

Technically, key workers and professionals can apply for the same mortgage products as everyone else, but there are some differences. Keyworker mortgages are usually available only to those employed in the NHS (National Health Service) or social care sector.

Professional mortgages are available to anyone who works in any profession. However, if you are self-employed, you cannot get this type of mortgage.

Which professions fall into this category of Professional Mortgages?

Mortgage Lenders consider individuals with lower risk for such mortgages, and these are divided into four categories as follows:

Medical Professionals

• Doctors
• Dentists
• Vets
• Nurses
• Optometrists

 Keyworkers

• Social Workers
• Teachers
• Foster Carers
• Civil Servants
• Police
• Firemen
• Military Professionals

Other Professionals

• Accountants
• Architects
• Surveyors
• Barristers
• Graduates

Higher Earners

• Business executives
• Investment bankers
• High net worth individuals

Most high street mortgage lenders provide better deals to people working in the above professions. Also, some lenders consider these qualified professionals having high annual incomes, making them borrowers of high-end professional mortgage products.

There are many lenders with some great mortgage deals for these professionals. You need to contact a specialist mortgage broker who can connect you with a suitable lender.

What are the benefits of a Professional Mortgage in the UK?

Professional Mortgages provide several advantages over conventional mortgages. Some of them are listed below:

• Higher Rates & Lower Fees: Some banks and building societies provide better interest rates to the keyworkers, such as medical doctors, when they start their mortgage application process. If you are interested in getting a mortgage for doctors under a professional mortgage scheme, you can contact a broker with access to such high-street lenders.

 Lower Deposit Requirements:  If you work in similar professions, you can get lower deposit requirements from many mortgage lenders.

• No Credit Checks: Most professional mortgage schemes don’t require you to go through a credit checkA check of a borrower's credit history, which is used by mor... before applying for a mortgage. This means that you will not be denied a mortgage even if your credit history is bad.
• More Flexible Repayments: The repayment period of a professional mortgage is usually longer than other types of mortgages. It ranges between 5 years and 30 years, depending on the lender.
• Borrow back option: Many professional mortgage schemes offer borrowers an opportunity to borrow back their home after repaying it completely. This helps you to save more money by paying off your mortgage faster.
• More flexible terms: A professional mortgage allows you to choose different payment options like monthly, bi-weekly, quarterly, etc.
• Easy to qualify: Since there are fewer restrictions on the loan amount and the number of repayments, it becomes easier for you to obtain a mortgage.

Professional mortgage eligibility criteria

Every mortgage lender has different criteria for mortgages for professionals. However, here are some standard requirements for all professional mortgage schemes:

• You must be employed in one of the professions mentioned above.
• Your salary must be above the minimum requirement of the mortgage lender.
• You must have a good credit score, but in some cases, you can also get a mortgage application with a poor credit score.
• Your mortgage lender may ask for your qualification from an accredited body.

There are many other requirements that you need to full fill as per your profession. You should always consult a mortgage expert or a mortgage broker to know about the exact conditions.

Next Steps

If you are a high earner and work under these occupations, you may be eligible for a mortgage with a low-interest rate and deposit amount. Feel free to contact us; we will help you connect you with a suitable mortgage advisor.

FAQs – Mortgages for Professionals

What’s considered a ‘professional registered body’ for a professional mortgage?

Many governing bodies are considered professional registered bodies, and you can get a better mortgage deal if you are affiliated with any of these:

Many other societies may be considered based on professional association, so it is always better to contact a professional mortgage adviser before applying for a professional loan.

Can I get a mortgage as a medical professional?

Yes, of course, you can get a mortgage as a medical professional. Mortgage lenders can offer you different deals such as lower interest rates, affordable deposits etc. But you may need to meet certain qualifications and requirements. If you want to find out more information about getting a mortgage as a medical practitioner, feel free to contact our team of expert advisors. 

Can I get a mortgage as a PhD student?

Yes, you can get a mortgage as a PhD. Student. There are many benefits associated with this type of loan. Some of them include:

Lower interest rates

Affordable deposits

No guarantorA person who guarantees to repay a mortgage if the borrower ... required

You can apply for a mortgage even when you don’t have a job yet. So, you can start saving money right away. Read more about mortgages for PhD students in our article.

Can a pilot get a mortgage?

Yes, if you are a pilot, you can get a mortgage on good terms and conditions. You can also get a mortgage without providing proof of income or employment. This means you do not have to worry about your financial situation while flying planes. However, there are some things that you should keep in mind. First of all, the lender must know whether you are an active pilot or not. In case you are retired, then you cannot get a mortgage. Also, you will need to prove that you can pay back the loan amount. You can read more about this in our article on mortgages for airline staff.

Can a vet get a mortgage?

Yes, you can quickly get a mortgage as a vet, but you will need to complete the mortgage affordability check by lenders. However, you can find the best mortgage deal by contacting a mortgage broker who can connect you with many lenders.