England 2 - 1 Denmark!
How can we not mention the football?! After last nights Semi-Final against Denmark, it seems like a perfect time to menton obtaining a mortgage for professional sportspersons. These are usually quite “far and few between” as majority of sportspersons may not require a mortgage or if they do will often have a personal financial adviser already, but if you do ever have a professional sportsperson viewing properties, it is well worth sending our way! In fact it might come as a surprise to most that actually obtaining a mortgage for a professional sportsperson, can be rather difficult—despite their usually rather healthy incomes!
Most sportspersons will be on fixed term contracts and there is no guarantee of renewal at the end of the sporting season. Mortgage lenders tend to view this as a red flag, as depending on performance or with risk of potentially even injury, the sportsperson could be out of a job within 12 months. The other issue for the mortgage lenders is the length of term due to retirement age. Joe Public will usually aim to retire around 65-70 which for most will be sufficient to allow a long enough mortgage term (25 years for example) to make affordable monthly repayments.
With a professional sportsperson, retirement age can as early as 30-35, which mortgage lenders will then want to know what they intend to do after this period of time in order to justify having a mortgage term that takes them past this age.
However, similar to the majority of football fans in England right now—there is hope! On our panel of over 100 mortgage lenders, we have high street lenders who recognise there are opportunities following retirement of sport (for example Gary Lineker and his Walkers contract) and are prepared to lend past their sporting retirement age - and can offer a standard high street mortgage!
As always make sure you ask your adviser for more information...
HSBC launch their lowest ever fixed rate at 0.94%
The fixed rates are still dropping across all lenders, which is good news for all, and this week we have seen HSBC launch their lowest ever fixed rate! Reduced by 0.05% the rate is 0.94% available for new customers to move home with 60% LTV and a £999 product fee.
