Which lenders offer mortgages for Professional Sports People?

by Aaron Strutt

Oct 01 2023

Trinity Financial's brokers have secured mortgages for national and international sports players in the UK and overseas. 

Our clients include professional Football, Rugby, Golf and Tennis players. We can also access banks and building societies keen to offer mortgages to Track and Field Athletes, Racing Drivers and other sporting professionals.

Mortgages for sporting professionals can be tailored to accommodate the unique financial situations and earning structures common in the sports industry. Athletes often experience fluctuating income, contract uncertainties, and shorter careers than other professions.

1. Suitable mortgage lenders for sporting professionals

Some mortgage lenders are better than others when it comes to offering athletes and sporting professionals a mortgage. These lenders understand the unique challenges and financial structures associated with sports careers.

Lenders like Barclays, HSBC and Metro Bank can potentially lend to applicants considered Sports Professionals. Each application will be examined on its merit, considering the Contract(s), potential future earnings and age of the primary income earner.

Others specify the documents they would need to issue a mortgage. For example, Leeds for Intermediaries would require proof of any qualifications that can be used when they retire from their sporting profession, such as coaching and training badges. The lender would look at the length of their current contract, whether it has been renewed, and their previous contracts. The term of the mortgage would be at the underwriter's discretion. The lender would require a copy of the applicant's current contract and must still have at least one year to run.

Where applicants are self-employed, some lenders would require two years of trading accounts and the last two years of HMRC Tax Assessments and corresponding Tax Overview Forms. Documentary evidence will be needed to establish how they intend to support the mortgage post-career for applicants coming towards the end of their professional careers, especially for sportspersons. There is no restriction on age or term other than standard policy guidelines.

Aaron Strutt, product director at Trinity Financial, says: "We have access to one lender with an excellent track record of offering footballer mortgages. The bank will want to see income contracts, but it is less concerned about income after borrowers retire."

What happens if you need a £1 million+ sportsperson mortgage?

Standard mortgage lenders can offer £1 million+ mortgages to sporting professionals who can demonstrate their income. Private banks can offer larger mortgage loans, and like high street lenders, they will assess each application on its merits. However, they will probably be better if you have international contractors and income from different companies. Trinity Financial can also get a larger mortgage agreed in principle before applying, giving borrowers the confidence to put an offer in to buy a property. 

2. Income Verification for Athletes:

Professional Athletes may have irregular income streams due to contracts, endorsements, and bonuses. Lenders may consider various income sources, including base salary, signing bonuses, and performance-based incentives. Having a financial advisor who can help verify and document income is crucial. An expert mortgage adviser like Trinity Financial with access to high-street lenders and private banks is vital when securing a mortgage. 

3. Career duration:

Mortgage lenders may consider an athlete's career length when assessing mortgage eligibility. For athletes with shorter careers, securing a mortgage that aligns with their earning potential during and after their playing days is essential.

4. Deposit requirements for sporting professionals:

A larger down payment can strengthen the mortgage application. It demonstrates financial stability and reduces the perceived risk for lenders. Some athletes may have the means to make substantial down payments. Borrowers are likely to need a deposit of at least 10 per cent. 

5. Future earnings potential:

Athletes often have the potential for post-career earnings through endorsements, appearances, and business ventures. Lenders may consider these factors when evaluating the ability to repay the mortgage.

6. Financial planning:

Athletes should work closely with financial advisors who specialize in sports finance. Proper financial planning can help manage income, plan for the future, and ensure the ability to meet mortgage obligations.

7. Insurance for footballers and sporting professionals:

Athletes should consider insurance policies that protect against career-ending injuries or other unforeseen circumstances that could impact income. Mortgage protection insurance may also be worth exploring. Trinity Financial has in-house income and life protection specialists.

Some mortgage lenders would need to ensure that sporting professionals have the relevant insurance. If they were ever injured, would their insurance pay them for the remaining duration of their contract they will look at the term requested and how far past their sporting career the term will take them.

8. Flexible terms and offsets mortgages for professionals:

Some mortgage products may offer more flexibility in payment schedules like interest-only and bullet repayments, to reduce the outstanding balance. This allows for adjustments during periods of lower income. For wealthier borrowers with cash, an offset mortgage might be helpful to reduce the amount of interest paid while still having access to the funds.

9. Credit history:

Maintaining a good credit history is essential for securing a mortgage. When evaluating mortgage applications, lenders will still consider traditional factors such as credit score and debt-to-income ratio. Click here for our latest article on how lenders assess applications with missed repayments.

10. Second home and buy-to-lets:

Mortgages for sports professionals include homes for you and your family to live in, second homes you will stay in occasionally, and property investment loans for a property you will rent out. We also have access to a lender offering mortgages in Spain. 

Call Trinity Financial on 020 7016 0790 to secure a sports person mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage