Mortgages for Professionals
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Our mortgages for professionals are new mortgages that have been launched to allow people in certain careers, receive better rates. If you are fully qualified within our list of professionals, you could be eligible for one of our professional mortgages. These include:
BENEFITS OF PROFESSIONAL MORTGAGES
When it comes to applying for one of our professional mortgages, you could have access to a loan of up to five and a half times your salary as well as a 90% loan to value ratio! Some other benefits that we can offer you include:
Lower Repayment Rates
Future earnings and pay progression are considered
Lower deposit and higher loan to value ratio
Accommodating to bonus income
Flexible repayment options
Professional mortgages work in the same format as any standard mortgage, just with added benefits. Our mortgages for professionals will provide individuals with a repayment period of up to forty years. This differs from the normal 25-35-year repayment period of standard mortgages. However, obtaining this benefit is dependent on your base salary.
We can provide flexibility for professionals by offering a mortgage that works for you. Our commercial mortgage brokers can help you acquire one of the following:
Repayment Mortgage- This is the most popular option and closely resembles a traditional mortgage. Clients are required to pay off the interest and the capital of the property over the course of the mortgage, ensuring that the applicant is completely mortgage-free when their term has ended.
Interest Only Mortgage- This method requires customers to pay back the standard interest only. After the term has ended, it is essential for clients to pay back the mortgage in full. This is beneficial for low monthly rates however, due to combined interest rates and full payments, using this method can result in increased payback.
Part Interest and Part Mortgage- Customers are required to pay monthly interest rates as well as some of the capital. If clients are looking for lower monthly repayments, this option can be quite beneficial. However, you will still have to pay back outstanding mortgage balances at the end of their term.
Ranging from £50,000 to £10 million, our professional mortgage loans depend on several factors. These include:
The property value you are looking to buy
Your credit rating
Any current debt
Individuals can usually borrow up to 90% of the property value and possibly up to 75% for an interest-only mortgage. If you apply for a professional mortgage, you may receive lower interest rates. However, this is dependent on the following:
Your expected borrowing amount
The duration you wish to pay off your mortgage
Your loan to value ratio
Your credit history
Your mortgage type
Any current debt
The current standard interest rate for a mortgage from the Bank of England
If you are a professional looking to buy your first home, do not hesitate to contact Davidson Deem today! We are the specialists that can help you understand everything there is to know about our mortgages for professionals. To find out more, contact our commercial mortgage brokers on 01202 884111 now.