To excel on the field it’s important to be settled at home, this short guide looks at what is important in order to get the best mortgage as a sports player.
In the UK, securing a mortgage as a sports professional comes with unique challenges due to the fluctuating nature of athletes’ incomes. However, with the right approach and planning, it’s entirely possible to find a mortgage that fits your needs and circumstances.
Understanding the Unique Income Challenges
Sports professionals often have income patterns that differ significantly from those in more traditional careers. This is primarily due to the contract-based nature of their employment, which can result in variable earnings. Lenders understand this and often use contract-based income verification to assess affordability. This approach allows lenders to consider the athlete’s entire contract value, rather than just monthly or annual income, providing a more accurate picture of financial stability.
Tailored Mortgage Solutions
Specialist lenders with insights into the sports industry offer mortgage solutions that cater specifically to athletes*. These lenders understand the career trajectories of sports professionals, including peak earning periods and potential income fluctuations. As a result, they can provide tailored repayment plans that accommodate these unique financial situations, ensuring that the mortgage remains manageable throughout the athlete’s career and beyond.
*All enquiries for these will be referred to a service that is separate and distinct to those offered by St. James’s Place.
Long-Term Planning
Did you know? While your income may be at its highest during your playing career, it’s still possible to secure a mortgage term that extends beyond your active years on the field. With careful planning and the right approach, you can ensure that your mortgage is sustainable even after retirement. This involves working with financial advisors who specialize in sports finance to create a robust financial plan that forecasts your income and expenses over the long term.
The Importance of Insurance
To mitigate financial risks, some lenders may require or recommend insurance products tailored for sports professionals. These insurance products can provide coverage in case of career-ending injuries or other unforeseen circumstances that could impact your ability to repay the mortgage. It’s crucial to explore these options and ensure you have adequate protection in place.
Did you know? Whilst your income may be at it’s highest during your playing career it can still be possible to secure a mortgage term beyond your playing days with careful planning and the right approach.
Collaborating with Industry Professionals
Securing a mortgage as a sports professional is not something you have to navigate alone. Collaborating with mortgage advisors and financial planners who have experience working with athletes can make a significant difference. These professionals understand the nuances of the sports industry and can help you find the most suitable mortgage arrangements.
Three Key Considerations Before Applying for a Mortgage
- Contract-Based Income Assessments: Ensure you have a solid financial plan and forecast. Lenders will look at your entire contract value to assess affordability.
- Flexibility of Term: Check if your mortgage deal is portable in case you need to move on short notice due to career changes.
- Specialist Insurance Requirements: Make sure you are covered in case of unforeseen events in your career that could affect your income.
Conclusion
Securing a mortgage as a sports professional in the UK requires careful planning, an understanding of the unique financial challenges, and collaboration with industry-savvy professionals.
By focusing on contract-based income assessments, ensuring flexibility in your mortgage terms, and securing appropriate insurance, you can navigate the mortgage landscape confidently.
Remember, with the right approach and expert guidance, you can achieve financial stability and secure a home that meets your needs both during and after your playing career.
Your home may be repossessed if you do not keep up repayments on your mortgage