If you’re in a professional field – such as law, medicine, accountancy, or consultancy – there are mortgage products designed specifically with your income and career path in mind. But with so many options available, how do you know which one is right for you?
Here’s how to approach selecting mortgages for professionals, based on your situation, career stage, and financial goals.
Assess Your Income Structure
Your first step should be understanding how your income is viewed by lenders. Many professionals have:
- Variable income (overtime, bonuses, profit shares)
- Income from multiple sources (main job, consultancy, dividends)
- Recently changed employment or been promoted to partner
The right lender will assess your true earning potential and may be more flexible when calculating affordability. For example, some lenders will take a higher percentage of your bonus or average income over two years, which can increase your borrowing potential.
Choose a Lender Who Understands Your Profession
Not all lenders treat professionals the same. Some have specific underwriting policies for high earners, self-employed professionals, or newly qualified individuals.
Fox Davidson works with lenders who offer bespoke terms to professionals in recognised fields, including:
- Newly qualified doctors and dentists
- Law firm partners
- Accountants and consultants
- High net-worth individualsYou can learn more about these options on our page for mortgages for professionals.
Consider the Type of Mortgage That Fits Your Goals
Are you looking for flexibility, long-term stability, or a short-term fix? Your professional goals will help determine the right product.
Options might include:
- Fixed-rate mortgages for predictable budgeting
- Interest-only options for those with high bonuses or expected future income
- Offset mortgages for professionals with savings or investment portfolios
If you’re unsure what’s best, your broker can model scenarios based on your finances and future plans.
Factor in Your Career Stage
If you’re early in your career, such as an F1 doctor or junior associate, you may not have reached your full earning potential, but some lenders will take future progression into account.
If you’re established, perhaps as a law firm partner or consultant, your draw or profit share can be used in full or averaged over several years, depending on the lender.
Speak to a Specialist Broker
The most effective way to choose the right mortgage is by working with a broker who understands your profession and the lending landscape. They can:
- Match you with suitable lenders
- Structure your application for success
- Ensure you’re not overpaying
Find the Best Mortgage for Your Career
Every profession comes with its own financial quirks, and your mortgage should reflect that. At Fox Davidson, we provide tailored support to help clients secure mortgages for professionals that align with their income and long-term plans.
Want to avoid common pitfalls? Read our blog on Common Mistakes to Avoid When Applying for Mortgages for Professionals for expert advice or Contact Fox Davidson to speak to a mortgage adviser today for one-on-one guidance.
