Getting the best professional mortgage

He says your starting point will be to look at the whole market, identify what is the current best product out there and see whether the professional client can qualify for that deal.

Mr Hollingworth says: “Most people who are professionals are going to be very attractive as borrowers to a lender. Most will not be in need of a professional mortgage. The majority will probably go with mainstream, high street lenders.

“There are people, who on occasion, perhaps just need a little bit more understanding from lenders.

“From the broker’s perspective, you have got to exhaust the possibility of the best deal from the customer’s point of view and see if you can place that case with the best lender for them.

“Certainly you are not going to go to a lender just because they have a badged up professional mortgage.”

Whether you are looking at contractors or another kind of niche, Mr Hollingworth says if lenders can show they are a good port of call for a slightly tricky case then that is perhaps where the professional mortgage still has a role to play.

He says: “If you look at the Teachers Building Society they work very closely with the teaching profession. They have a better understanding and might be willing to lend against a firm job offer.

“So, if a teacher starts in September they might be willing to look at that as they understand and would feel more assured about lending against that than another lender might.”

The best thing for a broker to do is to carry out thorough research before you see your client, says Christine Newell, partner manager of Paradigm Mortgage Services.

Ms Newell says advisers should start by asking their mortgage club or network helpdesk about the options for professional clients.

She says: “Obtain a list of the lenders who operate in these markets and visit their websites. Scottish Widows have a very detailed site for their scheme and a client-facing brochure which is printable.

“Contact the relevant BDM for that lender and discuss how their particular scheme differs from their normal schemes and where the benefits are.

“Also understand the offset mortgage option as these can work well for particular clients that fall into the professional category who can be higher tax payers and have sporadic bonuses or secondary incomes such as doctors or consultants who work in the private sector as well as the NHS.”

Advisers with professional clients need to understand how all lenders handle mortgages for professionals post-Mortgage Market Review.

Andrew Montlake, founding director responsible for brand, marketing and communications at Coreco Group, says advisers should prepare their clients for the fact that their occupation will not necessarily secure them a better rate these days.

He says: “Why should you get a better rate than a builder because you are a doctor?

“These days it (profession) is taken into account by underwriters mainly when considering loan-to-income multiples.”

Alex Hammond, head of marketing communications at Kensington, says the way the professional mortgage market has changed is why advisers need to understand the criteria of the different lenders’ underwriters – and not just those look at deals labelled professional mortgages.

Mr Hammond says: “Look beyond rate and at how a product can match the requirements of an individual and don’t only focus on those products that are labelled ‘professional mortgages’.

“The right deal may not be the immediately most obvious.”