The Sunday Times guide to professional mortgages
Scottish Widows Bank is the latest mortgage lender to improve their professional mortgage rates with attractive deals and more relaxed acceptance criteria. Research in The Sunday Times shows.
Last week Scottish Widows added to its range of deals with a competitive two-year fix at 2.19% for those with 40% deposits, rising to 2.59% for those with 25% deposits. The deals have a £1,499 fee and are available up to £1 million.
Aaron Strutt of Trinity Financial, the broker, explained in the article that: "This is good news for professionals who can benefit from the niche lending criteria. Investec bank also offer deals specifically targeting professionals."
What are professional mortgages? The Scottish Widows deal specifies that applicants should be fully qualified, registered and practising accountants, barristers, solicitors, trainee solicitors, dentists, medical doctors, vets, teachers, optometrists, pharmacists or actuaries.
What are the advantages? The deals are typically more flexible than standard offers on the high street. For example, the maximum term on Scottish Widows mortgage is 40 years. Mr Strutt added: "Any professionals who meet their criteria and earn more than £50,000 will be able to borrow five times income " more generous than many other lenders."
Some professional mortgages can take into account irregular income streams such as bonuses. Investec has launched deals aimed at qualified professionals and said it would take up to 100% of bonus income into account.
Click here to view the full story: http://goo.gl/41n9U £
If you would like help to secure a professional mortgage, call Trinity Financial on 020 7016 0790.
April 8, 2013
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