In This Article
How would a lender assess my income as a rugby player?
Most professional rugby players are employed by the rugby club and paid on a monthly basis. It’s not impossible for rugby players to also receive additional pay on top of their basic wages such as performance bonuses following matches. Some rugby players may also receive certain allowances to cover costs such as travel or location allowances.
Lenders will take all of this guaranteed income and lend a multiple of it. For any bonus income, it may be that they only take a percentage of it depending on the lender.
Lenders will generally lend up to five times income, possibly more for larger incomes and larger deposits.
To find out how much you would be able to borrow as a professional rugby player we would recommend that you talk to an experienced mortgage adviser that can look at the full situation and advise you of your borrowing capacity.
When assessing your borrowing capacity, they will be looking at things such as your deposit, your total income and how it is made up, your unsecured debts and monthly payments relating to them, your financial dependants and your overall conduct of your credit.
Some professional rugby players may also earn additional income through things such as advertising, sponsorship or celebrity appearances. It is likely that these would be paid on a self employed basis needing to be declared on a tax return. If this has been done, lenders should be able to take this income into account to offer you a larger mortgage. Find out more information from HMRC about declaring this income.
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I’m a professional rugby player earning more than the average person, would I get higher income multiples as a result?
Your role as a professional rugby player would not necessarily result in a larger mortgage then a person with a more regular job. There are however some lenders that would lend more for people with higher incomes, for example over £100,000.
Not every lender will offer this and there will be other things that are taken into consideration by the lenders that do. For example for Rugby Player Mortgages, a higher deposit will probably be needed to get lending in excess of five times income.
To find out which lenders offer this and whether it would apply to you in your position as a professional rugby player, it’s best to talk to a qualified experienced mortgage adviser. More often than not a mortgage advisor can get a bigger mortgage than if you were to go direct to a bank.
If you would like I NEED ADVICE to arrange for a mortgage adviser to contact you to go over your options giving you individual advice, please complete the contact form.
What age could I borrow until on rugby player mortgages?
The age that you can borrow until as a professional rugby player will depend upon the lender and what your individual retirement plans are when you stop playing professional rugby.
Lenders will understand that professional rugby generally has a shelf life when compared to other roles such as an engineer or an accountant.
It may be that you have a plan of what you are going to do when you finish playing professional rugby and are able to move careers to generate an income similar to what you are now.
Lenders have an obligation to make sure they consider how you will continue to pay your mortgage. As a result, for them to be comfortable lending to a later age, they will need to work out how plausible your plan is.
It is not uncommon for professional rugby players to move into rugby coaching when they finish playing. Being able to demonstrate to a lender that this is a plan will give you a larger chance of being able to take the rugby player mortgage to a later age. Find out more about progressing as a rugby coach with England Rugby.
Being a professional rugby player I’m very busy, would I have to deal with my own mortgage or could my agent assist?
We understand that your role could mean that you do not get much free time to arrange your mortgage. not all advisers will require you to visit them for a face to face appointment.
Some mortgage advisers mainly operate over the telephone or by e-mail which can be more convenient to many of their clients due to their working schedule.
If you have an agent or a manager that looks after your financial affairs, this person should be able to work with your mortgage adviser to reduce the amount of time that you personally need to spend arranging your rugby player mortgages.
Your mortgage adviser would need to talk to you as well during the process to be comfortable that you fully understand the financial advice that is being given as you are likely to be locked into a mortgage.
Make sure your mortgage adviser is regulated by the Financial Conduct Authority and showing on the FCA register.
I’m a professional rugby player wanting to start investing in buy to let property, would I get a buy to let mortgage?
Investing in buy to let property could be a good way to plan for your retirement for when you are no longer able to play professional rugby. Building up a property portfolio would mean that rental income is received which could be a great way to top up your income if you move into a lower paid job when you retire from professional rugby.
In terms of what type of buy to let mortgage you would be able to get, this will come down to many things. Factors such as the amount of deposit that you have, the expected rental income of the property, your annual income, your residency situation and your credit file will all be taken into account when an adviser is looking for a suitable lender for you.
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As a professional rugby player, would I get a commercial mortgage?
You may be able to get a commercial mortgage depending on what type of property you wish to buy and the use of a property once you own it.
For example have you seen offices or retail units and you wish to let them to individuals or businesses to operate from them and pay you a monthly rent, you should have access to lenders that will be willing to consider this.
Some lenders may need you to already have experience in commercial property before offering you a mortgage but there will be others that do not need this experience.
For commercial mortgages, you usually have to put down a minimum deposit of approximately 30% to qualify. There will be other factors such as your income, the details of the tenants and your credit profile that will need to be looked at when a lender is deciding whether to consider you.
Commercial mortgages are a complex subject so taking professional advice is recommended. If you would like I NEED ADVICE to arrange for a professional commercial mortgage broker to explain your options, please complete the contact form.
Most commercial mortgage brokers will be members of the National Association of Commercial Finance Brokers.
What would be my challenges in getting a mortgage as a professional rugby player?
Although getting a mortgage as a professional rugby player is certainly possible, you may still have challenges.
Common challenges are things such as the length of time left on your contract, the amount of time your lender believes you can continue playing professional rugby for affecting the term of your mortgage or gaps in contracts if there has ever been a break between clubs. Another challenge for people can be bad credit.
How much time needs to be left on my contract for a lender to agree to lend to me?
The amount of time that is left on a contract for a professional rugby player to get a mortgage depends upon the lender as they all have different criteria on this subject.
If it seems that your contract is coming to an end in the near future, lenders will need to know what your plans are going forward and will likely need to see the new contract from the same club or a new one.
What documents would I need to provide to get a mortgage as a professional rugby player?
Your mortgage adviser would need to confirm exactly which documents will be needed however for a professional rugby player we would expect documents such as your contract with the club, your pay slips, your ID, your proof of address and verification of your deposit to be required.
I’m a high-net-worth professional rugby player wanting a large mortgage, would I only have access to high street lenders or would there be private banks as well willing to lend to me?
In some cases, in addition to high street lenders, you may have access to private banks that will also be willing to consider you for a mortgage.
Different private banks will have different rules about who they take on as customers and who they consider to be high net worth individuals. a common example is the net worth of £5 million with a minimum income of £300,000.
When considering rugby player mortgages options best to talk to an experienced mortgage adviser that can workout whether it’s best for you to talk to a high street bank or a private bank. To look for your new home, great websites include Rightmove, Zoopla and On The Market.
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As you will see reading the information above, professional rugby players can be considered for all types of mortgages including
rugby player mortgages, but there may be some challenges within the process.
If you are considering a mortgage of any sort, taking professional advice is key. I NEED ADVICE can put you in touch with a qualified mortgage adviser who would be happy to explain your options giving you bespoke advice.