SPECIAL SERVICES MORTGAGES

The Professional Mortgage is designed exclusively for doctors, dentists, accountants, solicitors, teachers and vets. It allows you to borrow 100% of the valuation or purchase price of the property (whichever is lower).

In addition you can borrow 25% on top of this for any other purpose, for example, renovations of your new property, a holiday, car, business or education needs. The funds are available from day mortgage completes.

Professionals are defined as being at least 23 years old, fully qualified & currently practicing one of the following professions: Doctors; Pharmacists; Opticians; Dentists; Vets; Solicitors; Accountants.
Young professionals struggling to get a foothold on the housing ladder should consider trading on their status and potential to earn more money at a later date. An increasing number of lenders are looking more favorably upon newly qualified doctors, dentists, solicitors and accountants, lending them more money to buy a home than they would to "non-professionals".

"Lenders are prepared to take greater risks because of the long-term security of these professions," says Steve Morgan professional mortgage advisor "One or two lenders enhance their terms, their income multiples and loan to value (LTV) in some cases up to 100 per cent without Mig [Mortgage indemnity guarantee] implications. But the rates they charge are often the same as those on their 'regular' loans."

For example, most lenders generally let you borrow three times your salary. Yet if you earn 30,000 and are looking for a property in London or the South-east you may well find that three times your salary won't buy you very much. However, if you happen to be a newly qualified accountant, you should be able to borrow up to 4.5 times your income.

So what constitutes a professional? Well, lenders don't consider most of us, including journalists, to be professionals. And what one lender considers to be a professional may not be the same as another. "Everyone includes doctors, dentists, accountants and solicitors as professionals but beyond that it differs," says Steve Morgan, Sales & Development manager at New Mortgage Finder. "Other lenders have slightly longer lists: Scottish Widows Bank, for example, includes vets, optometrists and teachers as professionals. Other lenders will simply consider anybody with a degree or a good job with career prospects."

Some lenders, such as the Halifax Building Society, offer higher income multiples to people who earn above a certain salary, which tends to mean that they could well be professionals. Those with a minimum income of 100,000 can borrow 4.25 times their income as long as they also get a good credit score.

The Halifax, along with some other lenders, will use credit scoring when deciding whether to offer higher income multiples. Your credit record, held by the credit agencies Experian and Equifax, include details of any loans or credit cards you may have and whether you meet your regular payments. Whether or not you are on the electoral roll will also affect your rating, so make sure you are.

Woolwich can lend up to four times income and Abbey National up to 4.2 times, but at their own discretion and taking credit scoring into account. Some lenders don't use credit scoring and are thus more prepared to be flexible and move outside the guidelines Scottish Widows Bank, for example. Its professional Mortgage scheme calculates interest daily. You get 150 towards legal fees, free valuation and no Mig. You can choose from a range of loans including a 50:50 half is a fixed rate (two years at 4.99 per cent), while the other half tracks the Bank of England base rate (1.19 per cent over base).

The maximum LTV is 125 %, with multiples depending on individual circumstances. Up to 100 % goes on the Mortgage, while the remaining 25% is loaned on an unsecured basis for a maximum of 10 years. This gives you the option to incorporate any debts you may have incurred as a student where interest payments are bound to be higher than the Mortgage charges. The most important factor for many first-time buyers is to keep costs down in the early years: you can pay more once your salary accelerates.

Other Services:

Police Mortgages

Services Mortgages

Army, Navy or Air force

Civil Servant Mortgages

Government and Council employees

Self-Employed Mortgages

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Other Specialist Mortgage information

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