Mortgages for Professional Footballers
Fox Davidson specialise in mortgages for professional footballers. We work with players in all leagues to secure finance on residential, buy to let and commercial property.
Since 2013 we have secured million of pounds of mortgages for professional footballers.
Difficulties Professional Footballers Have Securing Mortgages
One of the main issues you have when securing finance for footballers is that income may be derived from various sources including a fixed term contract, sponsorship and advertising. Not all lenders will lend to clients on fixed term contracts. The second major issue is that the retirement age in a professional football contract is 35 years. Many lenders will decline to lend on the basis that the mortgage term must end at the stated retirement age, this often makes the mortgage unaffordable as the term of the loan was so short.
How Fox Davidson Can Help
We are a whole of market mortgage broker. This means we are not tied to a panel of mortgage lenders and gives us access to the whole of the UK mortgage market.
We work with private banks, high street banks, building societies and lenders that only offer products through mortgage brokers. We have spent considerable time liaising with lenders to ensure we can offer a comprehensive range of finance options to professional footballers.
Here is a summary of the terms we can secure:
- Lending past the stated contract retirement age
- Interest only and repayment mortgage options
- Competitive rates of interest
- Loans of up to 95% for your main residence
- Loans of up to 80% for buy to let
- Large loans of several millions from private banks
In addition, using a mortgage broker to secure mortgages for footballers will ensure you only discuss your personal situation once. We will then take that information and approach the right lender, first time. We offer complete discretion and adhere to data protection rules forbidding us to disclose your personal information with any third parties.
We will save you time, allowing you to concentrate on your career and us to concentrate on securing the finance you require.
The Football Contract
The lenders we work with will use the gross annual income from your contract and can lend up to 5 x your income.
An annual income of £750,000 would allow Fox Davidson to negotiate finance of up to £3.75M. The lender will need to deduct any personal debt you have such as HP finance or credit cards. In addition, consideration will be made for any financial dependant you have such as your children.
In addition to your basic income we can also utilise pay enhancements such as goal bonuses, clean sheet bonuses and appearance bonuses.
Here is a recent case study for a mortgage secured for a professional footballer in 2018.
Term of Contract
The length left to run on your contract is an important factor when deciding which lender to approach. Some lenders require a 12-month history or employment whereas others require 12 months to be left on a contract. As mentioned, as whole of market mortgage brokers we are not limited to a panel of lenders and using our knowledge and expertise of securing mortgages for professional footballers we can place the lending with a lender for most situations.
Lending Past Age 35
As already mentioned lending past retirement age is an issue for most UK mortgage lenders. So how are Fox Davidson able to overcome this?
We need to work with our client to ascertain what they will be doing post playing career. For nay prpofesisonal footballers they will take on a coaching role and where we can demonstrate that you are intending to or are currently taking your coaching badges we can secure lending up to normal state retirement age. Even if you do not intend to go into coaching we have lenders that underwrite cases on an individual basis and will look to lend beyond age 35.
Buy to Let Mortgages for Professional Footballers
If you have decided to utilise your savings to put towards a deposit on an investment property, then we can finance up to 80% of the rest of the property price using buy to let property finance.
Investing in property can result in an income into retirement and is the reason why we see so many professional footballers take the property investment route. There is no limit to the number of buy to let properties you can own, and you will hopefully benefit from the increase in property value as well as receiving an income from the rent.
Buy to let finance is more easily achievable than compared to a main residence mortgage. The lending is more geared towards the rental income that a property will achieve. There is less onus on your personal income, although it is considered.
Lenders will calculate the amount you can borrow using then rent and, in some cases, also using your income.
£400,000 purchase price. £1,500 per month rent would allow you to borrow approx. £320,000, depending on the lender used and the type of mortgage rate you take.
In this example you would only be required to put in a deposit of £80,000.
What Paperwork Do You need to Provide to Secure A Mortgage?
The amount of paperwork required will vary with each lender but as a rule the following minimum paperwork is needed:
- Proof of Identity (passport)
- Proof of address (utility bill or drivers license)
- Copy of your current employment contract
- 3 months bank statements
Please call or email us in the first instance to discuss mortgages for professional footballers. One of our expert team of brokers will discuss your situation with you in detail and will advise you of your options. We cover the whole of the UK and can work by phone, post and email. If you prefer to meet with an adviser on a face to face basis we have offices in Bristol, Bath & London.
Fox Davidson are an award winning mortgage broker and look forward to working with you to secure the finance you need.
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.