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17 Jul 2018

New mortgage range allows 'professionals' to borrow more

Doctors, accountants and solicitors among the professions to benefit

A new range of mortgages offering up to 5.5 times the borrower's salary has been launched by Clydesdale Bank Intermediaries.

Newly qualified professionals, including architects, dentists and vets, could borrow substantially more than the more common guideline of 3-4.5 times their annual income.

We explain the criteria for Clydesdale Bank's new mortgages and whether they could be worth considering.

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What do the Clydesdale Bank mortgages offer?

Clydesdale Bank's new mortgage offer is available to people practising the following professions, provided they have qualified in the past five years and earn at least £40,000:

  • accountants
  • architects
  • barristers
  • chartered surveyors
  • dentists
  • medical doctors
  • pharmacists
  • pilots
  • solicitors
  • vets.

Applicants who qualify could borrow a mortgage of up to 5.5 times their annual salary, to cover up to 95% of the property price.

If you're applying for a joint mortgage and only one of you fits the criteria, the other will be subject to the standard income multiples - usually around four times their annual salary.

Clydesdale's mortgage range covers loans of between £80,000 and £600,000, and offers terms of two, three and five years.

Homebuyers can use the mortgage deals if they want to borrow between 85% and 95% of the property price. For those looking to remortgage, the deals are available for up to 90% LTV.

The deals carry no arrangement fees and include a free valuation.

What is the best mortgage if you're a newly qualified professional?

Clydesdale Bank's new mortgage products provide a competitive offer for eligible borrowers.

The fact that 95% LTV mortgages are available could be a great benefit to first-time buyers with smaller deposits to hand.

Interestingly, while they're described as being available to 'newly qualified' professionals, the deals are open to professionals who've qualified within the past five years.

This means that some applicants will potentially have had time to see an uplift in their salary, boosting how much they can borrow.

Expert view

DavidBlake, from Which? Mortgage Advisers, says:'The main benefit of this product is that those who qualify can borrow up to 5.5 times their income.

'It's important to remember,however, that all loans are subject to an affordability assessment, so this is not guaranteed for all borrowers.

'Another thing to bear in mind is mortgage rates. Clydesdale Bank's rates start at 2.14%, but it's always worth looking at a range of lenders to see if you could get a better deal for your financial circumstances.'

Finding the best mortgage deal

It's important to work out exactly what you can afford before you start looking for a mortgage.

Using tools such as a mortgage repayment calculator can help you determine what your repayments would be at different rates.

Once you've got your figure in mind, make sure you shop around.

Don't just go for the lowest introductory rate, as it may not be the cheapest deal once fees are taken into account.

Be sure to check the terms of the mortgage so that you don't get caught out by things such as early repayment charges.

A whole-of-market mortgage broker can help you find the best mortgage deal and also give you support in making a realistic financial plan if you're not quite ready to apply.