The challenge for newly qualified professionals
Newly qualified doctors, solicitors and accountants often start on fairly modest salaries that can double or triple within a few years. When a lender bases its affordability check on today’s income alone, that early figure can leave you short of what you need to borrow for the right property.
You might also be carrying sizeable student debt, holding only modest savings, and showing just a short employment history. None of that helps with a mainstream lender, even when your longer-term prospects are strong. If the whole process is new to you, our guide to what a mortgage involves is a sensible place to begin, and it is worth reading up on first-time buyer mortgages too.
Lenders who consider future earnings
Some lenders set out specifically to help newly qualified professionals, counting the earnings you are expected to reach rather than only your current salary. A trainee solicitor on £40,000 who is likely to be earning £80,000 within three years might be assessed on a blended or projected income figure instead.
You will not see much advertising for these products, and they are often reached only through brokers who deal directly with the relevant lending teams. The terms can be a good deal more generous than a standard mortgage, so they are worth looking into.
Building your application
To make your application stronger, pull together evidence of where your career is heading. That could be your training contract, details of a partnership track, the published pay scales for your profession, or a letter from your employer setting out your expected progression.
A clean credit history matters just as much. Even a small debt or a missed payment can weigh on an application. Years spent studying and qualifying can leave you with a thin credit file, which you can thicken over time by using a credit card sensibly and getting yourself on the electoral roll.