Fox Davidson specialise in securing mortgages for professionals. We secure mortgages for all types of professionals, not just academic professionals.
To secure a professional mortgage, your occupation must meet the mortgage lender’s definition of a professional. This varies with each lender, but some professions are universally acceptable.
Below is a list of common professional occupations eligible for a professional mortgage:
Lenders will also accept applicants that are in trainee roles, such as trainee solicitors and accountants.
Some occupations not listed above are also eligible for a professional mortgage. If you feel that your occupation may meet the criteria, please contact us to discuss your professional mortgage in greater detail.
Mortgages For Professionals
When assessing a mortgage application, people with professional occupations are in a strong position as they should have a long and rewarding career with a high level of job security. It is for these reasons that mortgage lenders can have more confidence in offering higher income multiples, loan-to-value and being more creative with their lending criteria.
Professional Mortgage Benefits
There are many mortgage benefits available to applicants who are holding professional positions, some of which are:
Smaller Deposit Required
Mortgage lenders can lend up to 95% to professionals. It is also possible to secure higher loan-to-values for larger loans than would usually be possible.
Mortgage lenders all have maximum loans for a loan-to-value, a typical one might be 85% loan-to-value for loans of up to £1m. As a professional you will be able to secure higher loan amounts at higher loan-to-value.
Fox Davidson have successfully secured 90% lending on properties worth £3m plus.
Flexible Lending Criteria
Lending is all about risk. The less risk then the more flexible a lender can be in their approach to lending money.
Fox Davidson has successfully achieved lending for professionals by utilising income from pay increases and new job contracts several months in advance. We have also obtained increased loan-to-values by using 100% of overtime, unsociable hours and bonuses. We can also secure funding using bonus income from the previous 12 months, rather than applying an average across several years.
We have obtained mortgages for professional foreign nationals and professionals on working visas, and it is also possible for us to agree lending for clients who have recently changed employment status (including moving from employed to partner status, or self-employed professionals that have recently incorporated their businesses).
Lower Interest Rate
As well as the already mentioned benefits of specific professional mortgages, applicants can also access a suite of exclusive professional mortgage products. These products carry certain benefits, such as exclusive interest rates and, whilst the rates may not always be market leading, they are often discounted compared to the lender’s standard product range.
Professional Mortgage Product Benefits
Some lenders will offer benefits to professional mortgage applicants, including free basic valuations, cashback on completion of the loan and discounted membership to group companies. These benefits are designed to reduce costs and offer incentives for professional applicants.
Professional mortgages will often allow you to make overpayments on your mortgage without incurring a financial penalty. It is typical for customers to be able to overpay up to 10% of the mortgage balance without penalty, even during a fixed rate period.
You can go one step further and take a truly flexible mortgage, one which has no penalties and allows you to offset savings – commonly known as an offset mortgage. We can secure mortgages for professionals which will allow you to offset savings against the mortgage, which is particularly attractive to anyone with substantial savings, or an applicant who is self-employed and saves their tax money.
By allowing your savings to offset against your mortgage, you can reduce your monthly payments or reduce your term.
Offset mortgages can be set up on a capital repayment basis or an interest-only basis.
Professional Mortgage Criteria
The criteria for professional mortgages states that you must be a trainee or qualified, registered and practising professional.
Please see the list of the common professions on this page. Providing that your occupation is acceptable, you can expect the following professional mortgage criteria:
- Up to 95% loan to value
- 6 x income for eligible applicants
- UK resident including foreign nationals and professionals on spousal and work visas
- Lending on flats and houses within the UK
- Interest-only and capital repayment loans
- Fixed and tracker rates (with options for overpayments and offset facilities)
Frequently Asked Questions
What Is A Professional On A Mortgage Application?
Professional mortgages are products aimed exclusively to applicants working within a professional occupation. These include accountants, barristers, doctors, teachers & vets.
How Much Can You Borrow With A Professional Mortgage?
Professional mortgages allow an applicant to borrow up to 6 x annual income. Lenders will lend to higher loan-to-value ratios and will be more flexible with their lending criteria for applicants with professional occupations.
What Are The Advantages Of Professional Mortgages?
The advantages of a professional mortgage include higher loan-to-value, higher income multiples, flexible lending criteria and lower rates of interest.
Can I Access The Professional Mortgage Range If My Partner Is Not A Qualified Professional?
Yes. As long as one of the applicants is a practising professional that falls under the mortgage lenders professional occupation list, you are eligible to apply for a professional mortgage.
Which Mortgage Lenders Offer Professional Mortgages?
There are several well-known high street banks that offer mortgages for professionals, including Scottish Widows and Clydesdale Bank. Other lenders include specialist building societies, private banks, challenger banks and some broker-exclusive lenders.
Can I Get A Mortgage If I Am A Newly Qualified Professional?
Yes. Newly qualified professionals can secure professional mortgages. Trainee accountants, trainee solicitors and junior doctors are all able to benefit from the professional mortgage range.
Fox Davidson: A Professional Mortgage Brokerage
We have more than 50 years combined experience in the industry and worked with top London brokerages before setting up Fox Davidson in 2013. Our advice is well respected among our peers and we provide clients with insightful, expert mortgage advice.
As a mortgage brokerage that is very experienced in the large loan space (£500,000+) and professional mortgage space, we have access to exclusive large loan teams and dedicated underwriters. We can reach lending decisions that would not be possible from going directly to a bank on the high street.
Our clients in professional occupations work long hours and are often uncontactable during the day. We work around you to suit your hours and, once an application has been submitted, we handle the entire process on your behalf.
With a dedicated team consisting of experienced mortgage brokers, paraplanners and a case manager we will manage your application from initial enquiry through to draw down of the loan.
We are well connected and can recommend surveyors and solicitors who we have built good relationships with.
To discuss mortgages for professionals in more detail, we have offices in Bath, Bristol, Exeter & London. We also work efficiently by phone and email and have a secure portal into which any documents can be uploaded. Please email us on firstname.lastname@example.org or call 01179897950.
- Call or email one of our professional mortgage brokers. They will complete a short fact find with you and discuss your requirements.
- We search the market including 1,000’s of mortgage products and discuss your lending proposal with the chosen lender to ensure it meets their criteria.
- Your broker will then present the mortgage terms to you. On acceptance of the proposed terms we will complete all paperwork and handle the entire process from application through to completion on your behalf.
Our direct access to mortgage underwriters allows us to prepare and present a proposal to the lender on your behalf. With our support and correct presentation we have secured mortgage terms which haven’t met the lenders standards criteria but have been agreed because the underwriter understands the case.
To discuss your professional mortgage requirements please contact a broker by email or by calling one of our offices. Fox Davidson can work on a face to face basis or we can work remotely by phone and email.
Commercial Finance for Professionals
If you are a Doctor, Surgeon, Dentist or a Vet and require finance to open your own practice then Fox Davidson are able to secure commercial finance to establish your own practice. Lending is possible up to 100% for the right profession and applicant.
Commercial finance is not regulated by the FCA. For more information on commercial mortgages click below.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.