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Can holding a professional registration give you more chance of getting accepted for a mortgage?
jazzyja
Posts: 400 Forumite
I've come across it a few times when reading on the Internet about mortgages (hoping to apply next year, ive become completely obsessed!) And not sure if there's much truth init? I've also seen they can sometimes lend you slightly more; eg 5x your income rather than 4x etc.
When I come to apply il have 3.5 years worth of no missed payments, no adverse, only debt will be my car finance which I've never missed. I just keep convincing myself im never going to get there! I do hold a professional registration so if that went in my favour would be nice to know! Thanks
When I come to apply il have 3.5 years worth of no missed payments, no adverse, only debt will be my car finance which I've never missed. I just keep convincing myself im never going to get there! I do hold a professional registration so if that went in my favour would be nice to know! Thanks
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Don't think it makes much difference to be honest. I've friends who are paramedics and nurses have their mortgages declined.0
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Professional stature makes you more employable. Will provide a tick in one box.0
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A professional what? I'd have thought it would depend more on the job market in your particular field.
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Lenders have approved a number of mortgages for me.
I have a professional registration with the HCPC and due to the limited number of people on this register it shows there is a need for my skills.
Building societies have been set up just for one profession !0 -
A professional qualification does not improve your chances. There are some lenders who will allow you to get higher income multiples if you have a certain occupation and meet a few other bits of criteria.
Holding an accountancy qualification does not make you an accountant for example. But even if you were an accountant, there are usually other bits of criteria that would need to be met. You need to read into the finer details if you are doing the research. You may actually find that it is harder to get one of those mortgages as they could (I dont know if they do or not) score you more harshly as you would theoretically be a higher risk as they are lending higher income multiples.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
lenders go on affordability and what you earn, rather than on your reputation/ work"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I gained my Cycling Proficiency Badge in 1982 and have never had trouble getting a mortgage.5
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The answer is yes, technically.
We can do things for some Doctors and Dentists that we would not be able to do for a generally applicant.
But for most applications this would not make a differenceI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
Teachers building society0
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