Introduction.
Lenders see qualified professionals as some of the safest borrowers there are, and many reward that with better terms.
Professional mortgage schemes recognise that your income is likely to rise and is secure. Some lenders will lend more than their usual limit, look at your future salary, or accept you very early in your career.
The catch is that these schemes are not always offered directly, the qualifying professions differ between lenders, and the evidence needed is specific.
This guide explains who qualifies, how much more you may be able to borrow, how early-career and self-employed professionals are assessed, and what to have ready.
Income multiple some lenders offer qualified professionals, compared with around 4.5 times as standard.
01Who counts as a professional.
Each lender keeps its own list. Membership of a recognised professional body is usually the test.
| Profession | Typical evidence |
|---|---|
| Doctors | GMC registration |
| Dentists | GDC registration |
| Solicitors | SRA practising certificate |
| Barristers | Bar Standards Board registration |
| Accountants | ICAEW, ACCA or CIMA membership |
| Actuaries | Institute and Faculty of Actuaries |
| Vets, pharmacists, architects and others | Accepted by some lenders |
Indicative only. Lists vary by lender.
Adviser’s note
If your profession is not on one lender’s list, it may well be on another’s. We match you to the lender whose definition fits.
Our separate Barristers Mortgage Guide covers chambers income in detail.
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- 02How much more you could borrow
- 03Early in your career
- 04Self-employed and partners
- 05The evidence lenders ask for
- 06Protecting your income
- 07A professional purchase, illustrated
- 08Checklist and glossary
02How much more you could borrow.
Standard lending is usually around four and a half times income. Professional schemes can go further.
| Income | At 4.5× | At 5.5× |
|---|---|---|
| £80,000 | £360,000 | £440,000 |
| £120,000 | £540,000 | £660,000 |
| £180,000 joint | £810,000 | £990,000 |
Illustrative only. Enhanced multiples depend on affordability, deposit and credit.
What else affects the figure
- Outgoings and debts. Car finance, childcare and credit cards reduce what you can borrow.
- Student loans. Repayments are deducted from your income in affordability checks.
- Deposit. Enhanced multiples are often limited to certain loan-to-value bands.
- Minimum income. Some schemes start from a set salary.
03Early in your career.
Some lenders will lend to newly qualified professionals on the basis of the salary they are about to earn.
- Resident (junior) doctors. Some lenders use contracted pay or the next point on the pay scale, and accept rotations between NHS trusts.
- Trainee and newly qualified solicitors. A signed contract for a qualified role can be enough with some lenders.
- Newly qualified accountants. Promotion after exams can be taken into account.
- Locum and bank shifts. Regular extra work can count, with a track record.
Future-dated contracts
If you are starting a new post soon, some lenders will lend on the new salary from a signed contract, before your first payslip.
Of payslips that many lenders want, though some will accept fewer for professionals.
04Self-employed and partners.
Many professionals end up self-employed or as partners. Lenders assess this income differently.
| Role | How income is usually assessed |
|---|---|
| Associate dentist | Self-employed, from tax returns; one year with some lenders |
| GP partner | Share of partnership profit |
| Locum doctor | Self-employed earnings or a day-rate approach |
| Salaried partner | Salary, like an employee |
| Equity partner | Profit share, often with capital contributions |
| Practice owner | Company profits, salary and dividends |
Partners’ capital
New equity partners often borrow to fund a capital contribution. Lenders will include those repayments in your outgoings, so plan the two together.
Our Self-Employed Mortgage Guide explains the evidence for accounts-based income.
05The evidence lenders ask for.
A well-ordered file gets you the enhanced terms you are entitled to, rather than a standard offer.
The core documents
- Proof of professional registration or membership
- Employment contract, or the contract for your new post
- Three months’ payslips
- Tax returns and calculations, if self-employed
- Partnership accounts and your profit share, if a partner
- Student loan statements
- Three months’ bank statements
Helpful extras
- A letter confirming your pay scale or next pay point.
- Details of regular locum or extra work.
- Evidence of any future salary increase already agreed.
06Protecting your income.
Your earning power is your greatest asset. It is worth protecting alongside the mortgage.
- Income protection. Pays a monthly income if illness or injury stops you working. Some policies are specific to your own occupation.
- Life cover. Repays the mortgage if you die during the term.
- Critical illness cover. A lump sum on diagnosis of a specified serious illness.
- Employer benefits. NHS and firm schemes can help, but often fall short of the full mortgage.
Own-occupation cover
For surgeons, dentists and others with specialist skills, income protection that pays if you cannot do your own job, rather than any job, is particularly valuable.
See our Protection Guide for more.
07A professional purchase, illustrated.
Two resident doctors buying their first home
Both in specialty training, moving to a new rotation in London, with a 10% deposit saved.
- Income
- £64,000 and £58,000 basic, plus regular extra shifts
- Standard lending
- Around £550,000 at 4.5 times basic pay
- Professional scheme
- Enhanced multiple, with extra shifts counted after a 12-month record
- Purchase
- £650,000 house, £585,000 loan
- Outcome
- A five-year fix, with income protection arranged on their own-occupation definition
This example is illustrative and does not describe a real client.
08Checklist and glossary.
Documents to have ready
- Professional registration or membership number
- Employment contract or new post contract
- Three months’ payslips
- Pay scale or pay point confirmation
- Tax returns, if self-employed
- Partnership accounts and profit share, if a partner
- Student loan statements
- Three months’ bank statements
Glossary
- Income multiple
- How many times your income a lender will lend.
- Professional scheme
- Enhanced lending terms for qualified professionals.
- Resident doctor
- A doctor in training, previously called a junior doctor.
- Locum
- A temporary doctor or dentist covering shifts.
- Equity partner
- A partner who shares in the firm’s profits.
- Capital contribution
- Money a partner invests in their firm.
- Own occupation
- Income protection that pays if you cannot do your own job.
- LTV
- Loan to value: the loan as a percentage of the price.
Related: How much could I borrow? · Barristers Mortgage Guide · All guides