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On this episode of the Mortgage and Protection Podcast, we’re talking all about mortgages for professionals with Mark Notley from Total Home Loans.
Are there specific mortgages tailored to Professionals?
Some lenders have particular mortgages for professionals. In general, Professional Mortgages allow the customer more flexibility if they’re in a certain profession.
They might for example be part of the healthcare system, or many other professions – each lender will be different. They may offer higher income multiples, which will allow you to borrow more, or greater flexibility within the mortgage product.
How do I know if I qualify for a professional mortgage?
The best thing to do is approach a mortgage broker. The lenders that offer professional mortgages are limited and the mortgage providers to approach will depend on your profession, your income level and your borrowing goals.
A broker will explore all the options available to you and help you make an informed decision to suit your plans.
Do professionals and key workers get better mortgage rates?
Not necessarily. You might find some schemes available that give you better access to funds and you may potentially borrow more, but in terms of better rates you won’t usually find these with a professional mortgage. That’s partly because interest rates at the moment are so low.
Speak To An Expert
Total Home Loans are a national mortgage broker with whole of market access. Their combined experience of over 50 years in the mortgage and financial services industry means they have an enviable reputation and one which makes them well-placed to find the most suitable mortgage solution for you.
Can I get a mortgage for five times my salary?
Yes – and at the moment there are some lenders that will go to six times your salary. Again, it depends on your profession, your annual income and your borrowing percentage.
As an example, someone who wants to borrow 95% of the property value is going to receive a lower income multiple than somebody who wants to only borrow 75%. Seek advice from your broker to find the most suitable deal.
How can a Mortgage Broker help?
With Total Home Loans there are no upfront costs to speak to us. It’s all about information. The more information you give your broker, the better placed we are to help. Tell us about what you want to do, what your circumstances are and we’ll come back to you with some ideas and options. We’ll navigate the schemes, tell you all that’s available and you can come back with questions.
It’s important to be careful out there because some of the tailored schemes that might be offered to you as key workers and other professions could in fact be worse than standard schemes from other lenders.
We will walk you through it and save you all the running. We’ll come back to you with options and explain why we are offering those options to you.
Your home may be repossessed if you do not keep up repayments on your mortgage.