Mortgages For Professional Sportspeople
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Mortgages for professional sportspeople can be hard to come by. Although the careers can be lucrative, athletes also face unique challenges when it comes to obtaining finance.
Problems faced by professional sportspeople when applying for a mortgage
- Short-term contracts – a lot of athletes, such as footballers and rugby players, are employed on short-term contracts. They may only be able to prove income for the next year or two.
- Irregular income – income might be based on appearances or wins, which could be sporadic.
- Income from multiple sources – for example, sponsorships, media work, and image rights.
- Early retirement and risk of injury – professional sportspeople will generally retire in their thirties or forties, although those in less physically draining sports may play for longer. Sportspeople are susceptible to injuries, too, which could prevent them earning or end their careers.
The good news is, there are lenders who cater towards providing mortgages for professional sportspeople. As an athlete, you might have to jump through a few more hoops than people in other jobs, but mortgages are available if you can satisfy the lender that you can afford the mortgage long-term.
How long do I need to have been a sportsperson for?
Some lenders will want to see at least twelve months’ history, evidenced by contracts.
For other lenders, the length of your current contract is more important. For example, they may accept a current contract that was for at least twelve months, as long as there is six months or more still remaining.
Having at least two or three years’ experience would be beneficial. This gives lenders a bit more peace of mind.
How long can I get a mortgage for as a professional sportsperson?
Most mortgages for professional sportspeople will be limited in length. Lenders tend to cap the term at the athlete’s 35th birthday, as this is a typical retirement age. However, some could consider a longer term for players of certain sports, such as darts.
If you want a mortgage beyond your 35th birthday, you will need to provide evidence of earnings potential after retiring from playing. This could be in the form of coaching badges, for example.
How much can I borrow?
How much you can borrow depends entirely on your personal circumstances.
Lenders undertake a thorough assessment of your income and expenditure in order to reach a figure. They factor in things like student loans, childcare, and maintenance payments as well as credit cards and personal loans.
Every lender has a different calculator that they use, as well as different criteria that determines whether or not you are eligible. If your case doesn’t fit with one lender, it might fit with another.
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What deposit do I need?
This also depends on your personal situation.
Put down the largest deposit you can. You will need to borrow less, which results in smaller monthly repayments or borrowing the money for a shorter period of time.
The smallest deposit is usually 5% of the agreed purchase price. As a result of every additional 5% you put down, your interest rate could improve.
Missed payments, defaults, and CCJs on your credit file indicate to the bank that you might stop paying them back. As a result, you may have to pay a larger deposit and/or a higher interest rate.
For a better idea of how much deposit you will need, speak to a mortgage advisor like us. You can also read our deposits guide.
Is there anything else lenders will want to see when considering mortgages for professional sportspeople?
Some will want to see that there is relevant injury insurance in place. Such a policy would ensure you keep getting paid for the duration of your contract should injury prevent you from competing.
This might be a policy you have arranged yourself or one your club has taken out on your behalf.
How can The Mortgage Store Chorley help with mortgages for professional sportspeople?
The Mortgage Store Chorley specialises in providing tailored mortgage solutions for professional sportspeople like you, understanding the unique financial challenges associated with your careers.
We work closely with a network of specialised lenders, offering mortgage products designed to accommodate the fluctuating nature of sports-related income. From navigating intricate contract details to providing efficient application processes, our team ensures a smooth and personalised experience.
Trust The Mortgage Store Chorley to provide expert guidance and support, allowing you to focus on your game while we take care of your mortgage needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
