More banks and building societies are offering Mortgages for Professionals as they look to provide more finance for qualified professionals. This comprises doctors and dentists to lawyers and teachers.
These lenders provide generous income multiples and larger loans, as well as more lenient acceptance criteria.
Some banks and building societies offer 5.5 times salary multiples and lower deposit rates. Many professionals often have irregular earnings or income from several sources. For example, a doctor may receive income from a mixture of regular, locum and private practice work.
You are typically considered a professional if you are over 21, fully qualified and registered as an:
- Medical doctor
Sturgess Mortgage Solutions can arrange mortgages for other professionals, such as those working on short term contracts. This income is usually based on contracted daily pay rates rather than figures shown in their last two years of accounts. Some Mortgages for Professionals have offset facilities enabling borrowers to reduce the amount of interest they pay.
Call Sturgess Mortgage Solutions on 01792 399155 and speak to a Professional Mortgage Specialist. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.