Expert shares 4 jobs ‘least likely’ to qualify for 40-year mortgage

Hopeful homeowners could find themselves struggling to secure their first mortgage due to their career choices. While affordability does play a major role in helping people qualify for home loans, some well-paying jobs could still hinder their hopes according to one expert.

First-time buyers in labour-intensive sectors or careers with statistically lower retirement ages, whether due to physical requirements or ill health, might need to prove to lenders that they have a backup plan for when that moment comes. Dariusz Karpowicz, a broker at Albion Financial Advice, revealed the industries and careers that will face more scrutiny and will be the “least likely” to qualify for mortgages.

This includes the likes of firefighters, police officers, some healthcare roles and construction workers. Telling The Telegraph, Dariusz warned these careers “might struggle to secure a longer-term mortgage” and “face more scrutiny and challenges”.

Many police officers and firefighters retire around the age of 55 according to data from 2021. Official Home Office figures from March last year revealed only 3.6 percent of full-time firefighters were over the age of 56.

In particular, the financial expert looked at 40-year mortgages, with the average age of first-time home buyers at 36 this will see the homeowners paying off their debt when they turn 76 at the earliest. Because of this aging factor, lenders will be more concerned about their affordability at the tail-end of their debt if an applicant’s industry has a lower retirement age.

Anderson Harris mortgage broker Adrian Anderson told the outlet on a more optimistic note that people in these roles may not be outright refused for a mortgage because of their work.

However, he highlighted they will likely be scrutinised and potentially have to prove that they have thought about paying their mortgage when their career ends.

Another expert, Simon Bridgland of Release Freedom, explained that not everyone in industries like construction will face the same issue. He explained that those working “off the tools” and not “taking a day-to-day part in completing work” will be seen as having a more “feasible” career into their old age.

On the other hand, some careers will receive an upper hand when applying for mortgages as some lenders offer profession-specific deals. This usually includes the likes of accountants, barristers, engineers, pharmacists, teachers and dentists.