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Mortgage for Professionals
Elliott Culley talks to us about mortgages for professionals.
What is a professional mortgage? Is there a specific product for professionals?
Some lenders do have specific products for professionals. Most of the time that applies if you’re in a profession you need a qualification for, such as accountants, doctors, dentists, vets, architects… Lots of roles could fall into that category.
Some lenders do offer products with a slightly better rate or a better loan to income. You could get a bit more on the borrowing amount. Even high street lenders may offer you more flexibility in a professional role, which can be helpful in certain scenarios.
Do professionals get better mortgage rates? Is it easier for a working professional to get a mortgage?
With rates, that’s less common these days. It’s more about flexibility and the amount you can potentially borrow. That’s more typical than lenders offering you a better rate.
It can be easier for professionals. We see quite a few professionals on a fixed term contract or with a contract lined up to start in the near future, and some lenders have different criteria for a professional in that scenario – because they know once you’re in that role, it’s more stable and consistent. You can get favourable treatment.
Who do mortgage lenders count as professionals?
Accountants, solicitors, barristers, dentists and doctors tend to be the main ones.
Some lenders include a few more, like teachers, or some NHS roles like nursing. They may offer more flexibility or be able to help you in a different way.
I’ve recently graduated. Can I get a mortgage?
That’s certainly possible. That happens quite a lot with our clients. They’ve recently qualified or they’re on a trainee contract in the solicitor world, or something along those lines.
If they’ve got a contract starting in the next three months, they want to start looking at mortgages.Their income has increased and they want to know how much they can borrow. That’s not a problem. Some lenders will be happy to start the process from three months out, or even longer, as long as they know that contract’s going to start.
Can I get a mortgage as a PhD student?
It’s certainly possible. If you’re a PhD student at the moment, you may be getting some stipend income. Some lenders, not all of them, but a few can use that as a source of income towards your mortgage affordability, alongside any other income you may be earning.
It’s absolutely possible, depending on where you are within your PhD.
How much deposit do I need for a mortgage as a professional?
For access to more lenders, you need a minimum of 5% deposit. If you’re looking at a new build flat, you might need a little bit more, maybe 10%.
That’s more about the type of property rather than you as a client. There are some products out there for just a £5,000 deposit now [correct at the time of recording in April 2025]. So there are other options available to you.
How much can I borrow with a professional mortgage?
Some lenders that offer professional products may offer you potentially up to six times your income as a starting point, and then they’ll take your commitments into account.
Most lenders’ starting point is 4.5 times income, but they may increase that depending on your salary. If you’re earning quite a good salary, you could be looking at five or 5.5 times your income on that basis alone.
What’s nice about the professional products is that your income might be lower, but because you’re in a professional role, you can access six times your income already. That’s a helpful bit of flexibility, potentially.
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What are the benefits and draw drawbacks of a professional mortgage?
If you’re a professional, you get that extra flexibility with lenders. Whether you’re on a fixed-term contract or you’ve only just started, some lenders would be happy with that. They can look at that even with little experience in your role, because you’ve got the qualification.
A non-professional would need at least 12 months’ experience in a fixed-term contracting role. There’s a big difference there. You’ve also got flexibility on the affordability and how much you can potentially borrow.
I wouldn’t really say there are too many drawbacks. Specific professional products are mainly offered by smaller building societies. As a result, interest rates can potentially be a little bit higher than a high street lender, which could be a drawback.
But if you’re speaking to a mortgage broker, they will obviously put you with the best product for you and your circumstances. They would only look at a professional product if that was right for your full circumstances.
Can I get a mortgage as a professional if I have debt?
If we’re talking about some credit cards and loans, it depends on your overall affordability, but it shouldn’t really stop you from obtaining a mortgage. We touched on 5% and 10% deposits earlier, and if your credit score isn’t great as a result of debt, you’re probably going to need a higher deposit than that.
With adverse credit, where you’ve had a default, missed some payments or have a County Court Judgement, you’ll need a 15% deposit with most lenders. Depending on the circumstances, some lenders may take a more positive view on that, though.
We’ve done a mortgage recently for a professional – he was a vet and got a mortgage with a 5% deposit. He did have a default about a year and a half ago – so it is possible if there are clear circumstances around why that happened. Ideally lenders will see there’s been a change since and that you’re doing all the right things now.
Can professionals who are self-employed get a mortgage?
With self-employment it’s more about how they assess your income. We do have flexibility with some lenders and if you’re a self-employed doctor, dentist or vet, for example, we can look at your invoices instead of using the normal self-employed income evidence. Traditionally that means tax calculations and tax year overviews.
You could also potentially borrow more using invoices instead of those tax calculations.
If you’re a limited company, some lenders will use your full company accounts, using your salary and net profit in the business. Some clients want to keep the profit in the company, while others are using it. The best options depend on your scenario.
Can I get a Buy to Let mortgage as a professional?
The professional side doesn’t come into it, if I’m honest. It’s more about your deposit and your current status. If you’re a First Time Buyer, for example, there are a few more hoops to jump through for Buy to Let.
You’ll need a 25% deposit, most of the time. Some lenders are starting to branch into a 20% deposit, but the majority are still 25%. If you are already a homeowner, it’s a little easier to get a Buy to Let mortgage as a professional. But it’s more down to your deposit than your employment status.
If you’re looking at purchasing a Buy to Let as a limited company it’s a similar story – 25% deposit or potentially with some lenders, 20%.
How do I qualify for a professional mortgage? Do I need to prepare anything in advance when applying for a mortgage as a professional?
Planning ahead is a really good step. Find out what you can borrow. If you’re a professional, there are different ways the income can be assessed, so speak to a mortgage broker early on. Then you can understand different ways to utilise your income to get the best options.
Some lenders may ask to see your qualification, such as AQA or ACCA for an accountant, or to see that you’re a registered member of a professional body. If you just need to be part of the NHS, they’ll just look at your payslips for that.
Preparation is always key, so talk to a broker to understand all your options.
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