Studying for CeMAP? Have you heard of professional mortgages?
CeMAP Professional Mortgages
These are very attractive mortgages that are available for people with professional qualifications in professions such as law, medicine and accountancy. Such people have traditionally required specialist mortgages because they may have an income that could be classed as variable, and this is difficult to assess as part of a normal application. Examples are doctors who may do both private and NHS work, or accountants who are partners in their firm.
Although there are no hard and fast rules and different lenders will use their own criteria in deciding who to lend to, the general consensus is that borrowers seeking a professional mortgage will need to be registered in a profession. Borrowers will need to be registered with their relevant professional body, such as the CIMA (Chartered Institute of Management Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales) for accounts, the Bar Council for barristers or the General Medical Council for doctors.
The good news is that the criteria for professional mortgages is widening, and more and more lenders are accepting trainee accountants and solicitors, teachers and brokers qualified with the Certificate of Mortgage Advice and Practice and IFAs. Christine Newell, from Paradigm Mortgage Services said “Saffron Building Society offers a tailored approach to similar professional people but will also accept brokers with CeMap or equivalent examinations and IFAs qualified to level four on their professional range.”
So that’s another great benefit to studying. Not only will you be part of a profession that enables you to earn over £100,000 per year, but you’re also classed as a professional person, and that gives you access so a while host of benefits, such as professional mortgages.
Study for your professional mortgage qualifications
If you’re considering studying for CeMAP, what are you waiting for? Have a good look around our site and you’ll have all the information you will need to make an informed decision whether you think it’s the right course for you.