Need a mortgage? A specialist mortgage broker is the best bet
At some stage in our lives, most of us will want to get on the property ladder, and this means getting a mortgage.
For the average punter, it’s a case of heading to the local bank to get the ball rolling. But things aren’t so simple for professional athletes.
Why banks are not the answer
Professional sportsmen and women are an unattractive prospect to banks for a number of reasons.
As an athlete, your income may arrive through a few different sources – a fixed term contract, sponsorship, win bonuses, or through advertising deals. This isn’t such a problem if you’re on big money, but most sports pros have inconsistent levels of income that aren’t guaranteed. The set-up doesn’t inspire confidence among lenders.
Risk is increased because a pro athlete’s career is relatively short. Snooker players or golfers may have many years at the top of their game, but the majority are looking at retirement around the age of 35, and that’s if you’re lucky with injuries.
If mortgage terms are shortened in line with career expectancy, monthly payments can easily become unaffordable, making a good deal all the more unlikely.
How a specialist mortgage broker can help
Unlike banks, specialist mortgage brokers exist precisely to help out sports people and others whose careers are outside the norm. Here’s how they can help:
1. A mortgage that matches your unique profile
No matter where you are in your career, by turning to a specialist mortgage broker, you’ll be able to talk through all opportunities and options open to you.
They’ll take your qualifications into account, your earnings trajectory, and potential to earn once you’ve retired from sport. The aim is to build up a true picture of your unique financial position, identify common stumbling blocks to finance and find the best ways to work around them.
2. Greater market reach, more options
Unlike most banks, a specialist broker will have whole-of-market reach; instead of being tied to a panel of mortgage lenders, you’ll be speaking to experts who have access to the entire UK mortgage market.
They fall back on long-standing relationships with building societies, banks and other high street lenders, as well as private institutions which often only make their products available through specialist mortgage brokers.
Ultimately, you’re dealing with people with bigger networks and stronger teams who operate on a much larger playing field, all of whom will work together to get you the best deal possible.
3. Save money
Specialist mortgage brokers will charge fees, but their expertise means you’re more likely to get a fairer, bespoke mortgage deal than can be provided by a bank, building society or credit union.
In the long-run, charges up front will be preferable to an ill-fitting arrangement from a bank that typically lumps sportspeople together into one, high-risk, high-premium bracket.
Many brokers work on a success-only model, meaning you won’t be charged a penny if they fail to get you finance that fits. Initial consultations about your personal circumstances should also be free, and you’ll get full transparency on any fees involved.
Your future, secured
When you’re giving your all to reach the top of your game, you don’t need to be losing sleep over having a safe place to live, or property that will make you financially secure later on in life.
Specialist mortgage brokers are there to make sure you get this crucial play right first time, putting you on the fast track to the finance and security that your efforts deserve.
With your affairs in the hands of experts, you win the peace of mind to focus on being the best.
So, what’s the next step?
Play-Ex is on your team
Play-Ex puts you directly in touch with market-leading specialist mortgage brokers.
We do the hard work for you, meaning you save precious time and effort as you find the best mortgage deal the market has to offer. And it’s completely free of charge.
We’re not just about mortgages. Whether it’s financial advice, accountancy, insurance, or something else, Play-Ex connects you with life management services that meet your needs as a professional athlete.
Click here for more information, and discover how we can connect you with the services you need today.
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