Head of Content
Mortgage Advisor & Director
Can young professionals get a mortgage?
Yes! If you are embarking on your new career, there is no reason why you shouldn't be able to get a mortgage.
Although there is a disconnect between property prices and wage increases, there are many mortgage providers who are willing to lend to young professionals.
At Teito, our team of experienced mortgage advisors have access to deals not available to the general public, and we have helped many young professionals to get their perfect mortgage. If you're ready to get started, complete our simple online form or carry on reading to learn more.
Who are professional mortgages designed for?
These mortgages are designed for people who are starting out in their career with a high earning potential in the future.
Lenders will typically take your future income into account when considering your application; improving your chances of being accepted for a mortgage.
Example occupations include:
- Doctors
- Dentists
- Solicitors
- Barristers
- Engineers
- Accountants
- Architects
Many occupations fall into this category, as long as your future earning capability is high, you are likely to be eligible.
If you are self-employed, you may also be considered depending upon the occupation, and your income achieved so far.
How much deposit will I need?
You can expect to contribute a minimum of 10% of the value of the property as a deposit; however, the more you can put in the better the rates you will achieve.
How much can I borrow?
Typically 4.5 times your salary is the benchmark for borrowing; however, in some circumstances, a lender will stretch to five or even six times.
As a young professional, specialist providers will be more prepared to lend based on a projection of future salary rather than your current salary.
What else should I consider?
- You will still need to make mortgage repayments if you lose your job for any reason.
- If you haven't yet built up a solid credit rating, you can expect to pay higher interest rates.
- Should you be considering relocation in the next 2-5 years, a fixed-rate mortgage may not be the best option.
- Read our guide to first time buyers to learn more.
How can I learn more?
At Teito, we are an entirely independent mortgage advisor with whole-of-market access. We have helped many people like you to get the best deal possible on their new mortgage, complete our form today to get started.
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Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
Last updated 29 February 2024