Graduating as a doctor, lawyer or in another highly skilled field is a fantastic achievement.Your entry-level position in a GP surgery, hospital or law firm is likely to pay you well, but your salary will continue to grow as you gain more working experience and climb the ladder.

For example, entry-level lawyers in the UK can make around £35,000 per year, whereas lawyers with over a decade of experience and firm partners can make £120,000 and beyond per year.

So, with such lucrative income projections for these professionals, is it possible to get a mortgage with your future income in mind? If you’re an entry-level professional and also seeking a mortgage, you might be wondering if your future level of income can be considered.

Can my future income be considered in a mortgage application?

Some mortgage providers do consider what your future income will be when offering mortgages. This is typically only possible for those working in jobs where you need to be certified to carry out the job, such as lawyers, doctors and surgeons.

The lender accounts for your future income projection when offering a mortgage, which could enable you to buy a more expensive house than you otherwise would have been able to. Or it could increase the loan to value (LTV) ratio you need, meaning you can put down a smaller deposit on a more expensive home.

What are the risks?

Opting for a mortgage deal that accounts for future income increases does include some risks. If the professional decides they do not want to continue their career, they could find mortgage repayments more challenging than they otherwise would have been.

Moreover, although it is likely that your income will increase, there is no guarantee of when this will happen or by how much compared to the data used by the lender. Consequently, your mortgage repayments could be higher than preferred if you don’t climb the ladder as expected.

How soon can I get a mortgage?

Lenders can offer mortgages to professional and “non-professionals” with a permanent employment contract from the first day of their employment. Our team have a track record of securing mortgages with a value of x6 income for professionals and self-employed workers providing they have one year of accounts.

Speak with us now for more information!