Doctors, Dentists, Solicitors and Accountants are just some of the professions that can benefit from flexible criteria and, often, enhanced lending found with Professional Mortgages…
It is a little-known fact that certain banks and building societies have an ideal client-type to whom they are willing to offer more preferable mortgage terms; you can use this to your advantage when looking to get on the property ladder or refinance your home.
Newly Qualified Professionals
For the newly qualified professional, lenders understand that your starting salary is likely to rise during the early years of your career and they can look to factor this in when deciding how much to lend you, leading to enhanced borrowing amounts.
Alternatively, you may be further into your career and considering buying into an established accounting or law firm or perhaps a medical practice, which might potentially classify you as self-employed. Usually lenders require 2 or 3 years’ accounts to secure a mortgage, however, there are certain lenders who will review the profitability of the business you are buying into and use this to assess your borrowing capability.
Or maybe you are well established in your chosen career, and a mortgage with large overpayment limits, or perhaps an arrangement to offset savings against the mortgage balance could be a viable option.
Having additional options at your disposal is of course a fantastic tool and receiving advice on how best to access these lenders and best use their features is key – so consulting a mortgage adviser is advisable.
An experienced accountant with a 7-year history at a large accounting firm decided to leave and set up his own consultancy with a colleague; all at the same time as thinking about buying a house. This meant he had left the world of employment and become self-employed as a limited company director with a 50% share in the new firm. Normally most lenders would need 2 or 3 years’ full accounts before lending to him – although there are one or two lenders that will consider lending after 1 full year – however this client had only a 3-month trading history.
Using the 3-month trading history, the previous industry experience, a projection from their own accountant and by showing contracts with various firms where they would undertake consultancy work with set fees, J Finance were able to find a lender willing to offer him an 80% loan to value mortgage, sufficient to buy the property he was after.
If you would like to discuss a new mortgage or any other financial matters, we will be happy to help. Please contact us without obligation.
Established in Berkshire in 2004, J Finance Ltd is one of the leading financial planning companies in the area. We serve clients across England and Wales. If you would like to discuss this subject or any other financial matter, please contact us on 01635 521 300 or email firstname.lastname@example.org.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.