Four jobs ‘least likely’ to qualify for 40, mortgage expert explains

Hopeful homeowners may find themselves struggling to secure their first mortgage because of their career choices. While affordability plays a major role in helping people qualify for home loans, some high-paying jobs could still hamper their hopes, according to one expert.

First-time buyers in labor-intensive sectors or careers with statistically lower retirement ages, either because of physical demands or poor health, may need to prove to lenders that they have a back-up plan for when that time comes. Dariusz Karpowicz, a broker at Albion Financial Advice, revealed the industries and careers that will come under closer scrutiny and will be “least likely” to qualify for mortgages.

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

Many police and firefighters retire around the age of 55, according to figures from 2021. Official Home Office figures from March last year showed just 3.6 per cent of full-time firefighters were over 56.

In particular, the financial expert looked at 40-year mortgages, with the average age of first-time home buyers at 36, so homeowners will pay 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 end of the debt if an applicant’s industry has a lower retirement age.

Anderson Harris mortgage broker Adrian Anderson told the press on a more upbeat note that people in these roles cannot be permanently turned down for a mortgage because of their work.

However, he pointed out that they will likely be scrutinized and potentially have to show that they have thought about paying off their mortgage when their career ends.

Another expert, Simon Bridgland from Release Freedom, explained that not everyone in industries such as construction will face the same problem. He explained that those who work “from the tools” and do not “take a day-to-day part in completing the work” will be considered to have a more “feasible” career into old age.

On the other hand, some careers will get an advantage when applying for mortgages, as some lenders offer profession-specific offers. This usually includes accountants, lawyers, engineers, pharmacists, teachers and dentists.