Mortgages for Professional Footballers
The reality is that footballers are thrust into a financial world far outside most of their comfort zones and are immediately expected to make decisions that can impact not only the next few years of their career, but in some cases the rest of their lives and those of their families.
Buying a Residence
When buying their main residence, players often believe that purchasing the property outright is a far simpler route, as opposed to going through the process of obtaining a mortgage.
However, if all or a large percentage, of money is tied up in a home, players will potentially miss that all-important flexibility when life changes and for footballers, life can change at an alarming rate.
For players who do opt to secure a mortgage, it’s important to remember:
- Firstly, not all lenders are keen on financing professional footballers, (no matter how famous!) particularly because of the lending risk due to short term nature of playing contracts, players susceptibility to injuries or sometimes even because of the complexities that come with multiple income streams (Image rights, etc).
- Secondly, while other professions allow you to take a mortgage for a 25-35 year term, this facility is inaccessible for a professional footballer– lenders often restrict lending to the age of 35 unless there is evidence of sufficient income for retirement.
Bespoke Solutions for Bespoke Situations
A number of the players we have worked with are first-time property investors who are heavily focussed on their careers and simply do not have the time (or in some cases, interest!) to explore and complete the mortgage process.
In such cases, we have undertaken the work of identifying the right funding solution for your mortgage requirements – we know which lenders have an appetite for the specialist mortgages required by sports professionals.
Be it for their main residence or a property portfolio, we are on hand to guide our clients through the different options that are open to them. Making a decision should not solely be based on age and salary, but also include factors such as family situation, post-career ambitions and appetite for risk.