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If you are a professional footballer, securing a mortgage can be difficult. Your income is not always easy for a lender to understand because income can be from multiple sources such as your contract, any advertising income, and also sponsorships and you will be on a fixed-term contract as well which some lenders are not comfortable with.
At momentum Mortgages, we understand the challenges that pro athletes face when trying to secure a mortgage. We can help you get the mortgage that you need to purchase a property.
There is also the issue of retirement age, for most this would be close or even past state retirement age however mortgages for professional footballers usually run into a problem with the maximum term because most lenders will not lend past the age of 35 for professional footballers.
However, there are lenders who specialize in mortgages for professional footballers.
At Momentum Mortgages, we have relationships with a range of lenders that can help professional footballers secure the property they need. Our specialist knowledge in this area allows us to work with you, some of the terms we are able to secure that are beneficial for professional footballer mortgages are lending past your stated contract retirement age, loans of over 1 million and competitive rates.
You usually would require to have at least 12 months left on your contract if you have less than 12 months employment but if you have more than 12 months history then you can potentially use the income from a contract with less than 12 months to run.
We can secure mortgages of up to 95% loan-to-value (LTV) for professional footballers. The gross value of income off your contract can be used with up to 5x income.
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
A number of our lenders will consider lending past age 35, this is usually the biggest issue for mortgages for professional footballers. The main way of overcoming this problem is proving sustainability of income when your career finishes.
Usually we need to explain to a lender what you will be doing when you stop playing, if you have attained your coaching badges or intend to get them then this can really help with getting a mortgage past age 35 for professional footballers.
A copy of your signed contract is required, this will detail the amount you are earning and how long it runs for.
We will require bank statements for the last three months, and a copy of your passport or driving licence.
The current rates are as follows:
0% – £125,000
2% -£125,001 – £250,000
5% -£250,001 – £925,000
10% -£925,001- £1.5 million
12% – 1.5million +
More information can be found on the gov.uk website
Conveyancing is the legal process of transferring the ownership of property from one person to another.
The cost for a standard conveyancing transaction is usually around £1700 although it can vary significantly depending on the complexity of the deal and the price of the property.
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
A fee charged by the mortgage lender to carry out a valuation of the property you want to buy. This is usually around £150
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
These are fees charged by the mortgage lender for processing your mortgage application. They can vary from lender to lender but are typically around £999
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
Estate agents fees are paid by the seller of a property to the agent for finding a buyer. The fee is usually around 0.75% – 1.25% +VAT of the sale price but can be higher or lower depending on the agent and the location of the property.
These are costs incurred when moving house and vary depending on how much furniture and belongings you have to move but you would typically pay between £1000 – £1500 for this service.
If you would like to find out more about how Momentum Mortgages can help with a mortgage for professional footballers, please get in touch with one of our specialist brokers on 01732 806333 today.
As a limited company director, you’ll need to be able to provide information on your income as part of your mortgage application. This includes the salary and/or dividends you’ve withdrawn from your company, the net profit of the business, and proof that your income can be considered stable.
While your application is slightly more complex than usual, our specialist mortgage advisers are here to guide you. After all, we know the ins and outs of finding a mortgage in these circumstances! By assessing your unique requirements, we’ll be able to find the competitive deals to suit your needs.
Lenders will typically expect your company to have been trading for at least two years. But some will consider one-year trading along with future income projections.
You will also need to provide:
If you have less than one year’s accounts, unfortunately lenders are unlikely to consider you, However one of our core values is preparation and what we can do is help you to plan for your mortgage journey. That’s why we offer a free strategy call so we can discuss your business and what you need to do to make your application look as positive as possible.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Momentum Mortgages is an Appointed Representative of PRIMIS Mortgage Network registered in England Wales, company number 11806827.
PRIMIS Mortgage Network is a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.
We will charge a fee of between £99.00 and £999.00. The amount we will charge is dependent on the amount of research and administration that is required.Please refer to the Terms of Business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
The Financial Conduct Authority does not regulate all Buy to Let mortgages
