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Application process for a professional mortgage

This article is part of
Guide to Professional Mortgages

This may include payslips if the individual is employed with a standard income, or could be more complex if the individual is self-employed or receives variable income.

Lenders in this area will require confirmation that the client is in one of the professions listed and that he/she is qualified in this area, says Christine Newell, partner manager of Paradigm Mortgage Services.

Ms Newell says lenders will expect the borrower to be employed generally for a minimum period of six months.

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She says: “Scottish Widows state that the client must be a minimum age of 21-years-old and that they are a registered member of their relevant professional body to qualify for their professional account, however the clients do not necessarily need to be currently practicing in their qualified profession so this lender can be more flexible for those situation.

“Lenders will require confirmation of income in the normal way and sometimes will ask the clients to provide a CV to show their career progression, however this requirement has lessened over the years due to IT system development now being able to carry out online checks with the relevant professional bodies.

“Most of the lenders in the professional mortgage area will lend up to 90 per cent LTV and those clients with less than a 10 per cent deposit may qualify under the Help to Buy scheme.”

In terms of the application process, Ms Newell says it is no different from any normal mainstream residential process.

Most lenders operate an online application process, she says, and within this capture form there are questions that will identify the applicant as a professional and the product codes issued by the lender and selected in the application process will also identify the client is in this category.

Alex Hammond, head of marketing communications at Kensington, says advisers should make sure that they convey the application process will depend on each individual’s circumstances.

Where circumstances are more complex, then Mr Hammond says a lender is naturally likely to spend longer to fully understand their circumstances.