We wanted to highlight how we help professional sports people obtain a mortgage.
Many sports people have shorter professional careers than the rest of us, potentially retiring anything from 30 years earlier than the state retirement age of 68.
As a professional sportsperson, when applying for a mortgage you may often be faced with lenders wanting to limit your term (years to repay your mortgage) ending at a point at which they would deem an average retirement age for your chosen sport.
For example, it is common for some lenders to assume a footballer will retire at age 35 and therefore limit a mortgage term until that age. As you can expect, this really limits the amount you can borrow, especially when you are in your late twenties or early thirties and looking for a mortgage!
Occasionally it is the right advice to recommend a shorter term to ensure the mortgage is paid off for retirement, of course this will also depend on many other factors including the level of income you are earning. It is rare that any of us have a job for life or even a career for life so it is important we work with clients to help lenders understand the career plans post a professional career. This enables us to secure longer terms (when appropriate) or structure mortgages that suit the needs of clients.
Another issue we see is one of being self-employed with large variations in income, due to perhaps contracts in place at the time of wanting to secure a mortgage. We have access to lenders that understand the nature of variable income and contracts and by us building the picture to prove affordability and long-term sustainability of income, they help us to help you.