Professional Mortgages- Any experiences?

[cRaigAl205]

I'm continuing my FTB research, and came across a little info on Professional Mortgages, having recently got round to getting the last of the letters required for the title of Architect (which seems to be included on the list of relevant occupations), I was wondering if anyone had any experience of applying/getting one?

Potentially getting an increased salary multiplier would be useful as a sole applicant, the extra 1x would mean I think I could stretch to a house that would be suitable for a longer period, rather than settle and be looking to move up the ladder quicker.

Are there any other more stringent checks or affordability criteria that get applied to these?

Cheers,

Craig

[g3org3y]

cRaigAl205 said:

I'm continuing my FTB research, and came across a little info on Professional Mortgages, having recently got round to getting the last of the letters required for the title of Architect (which seems to be included on the list of relevant occupations), I was wondering if anyone had any experience of applying/getting one?

Potentially getting an increased salary multiplier would be useful as a sole applicant, the extra 1x would mean I think I could stretch to a house that would be suitable for a longer period, rather than settle and be looking to move up the ladder quicker.

Are there any other more stringent checks or affordability criteria that get applied to these?

Cheers,

Craig

I have a professional mortgage. Was necessary as a GP Partner.

As a (junior) doctor it can actually be quite difficult to get a mortgage as you are changing jobs every year with different salary bands. Mortgage companies don't like that. As a GP Partner (essentially self employed) they like that even less!

With Professional Mortgages they are more understanding of the above issues.

As a (newly joined) GP Partner, they wanted 3 years of Practice accounts to evidence earnings and a letter from our accountant and Senior Partner for future estimation of earnings.

I don't think the tests are any more stringent than a normal mortgage application.

I believe with Professional Mortgages they are supposed to offer lower rates on account of future earnings and in some cases allow a lower deposit upfront.