How Professionals Can Receive the Best Mortgage Rate
A professional mortgage is the way to go for anyone seeking the best possible rate when taking out a loan to help them buy a home, as long as they meet all the criteria.There are many tips and tricks people will use in order to find the lowest interest rates, but for a straightforward method that is completely above board, enquiring about and signing up to a professional mortgage will help you receive the best rate.
Who Qualifies for Professional Mortgages?
Professional mortgages are open to qualified professionals in a range of different industries. It used to be that newly qualified professionals could take one out based on the fact of what they would be earning in ten years’ time, but that was before the financial crash. Nowadays they are available to professionals including:
- Commercial Pilots
Depending on the lender, professional mortgages will be open to many other workers, such as chartered surveyors, optometrists and many more. Check online before calling in to your local lender to apply for a professional mortgage.
Benefits of Professional Mortgages
The main benefit of a professional mortgage is that they provide much lower rates of interest than standard options if you went to any lender on the high street. It will differ from lender to lender, but most will offer larger loans, fixed rate mortgages or longer discount periods.
The main reason for this is that professionals will be viewed as more responsible and a safer option to lend money to, as they will be more likely to meet repayments on time and to the right amount. Many will be tailored based around the professional’s role, so it can be worth shopping around.
How to Apply
Applying for a professional mortgage follows a similar route to applying for a standard one. Find a lender that offers professional mortgages, such as Saffron Building Society, browse the different options they have available and see if there’s one that suits you.
It’s best practice to meet the lender in person, so they can conduct a proper assessment based on your profession and personal finances to help arrange the best deal. This is by far the best way to secure a great rate, repayment terms and discount on your mortgage, which can save you thousands of pounds in the long run.