Mortgages for Professionals

Suitable for:

Professionals who want to borrow up to 95% of the purchase price or valuation of the property – whichever is lower.

Loan amount and loan to value

Loans from £50,000 to £1,000,000

The maximum LTVs for our professional mortgages are:

  • For loans up to £400,000, borrow up to 95% of the property value or purchase price (whichever is lower). This is inclusive of any fees within the loan.

  • For loans above £400,000 and up to £450,000, borrow up to 85% of the property value or purchase price (whichever is lower).

  • For loans above £450,000 and up to £500,000, borrow up to 80% of the property value or purchase price (whichever is lower).

  • For loans above £500,000 and up to £750,000 - borrow up to 75% of the property value or purchase price (whichever is lower).

For loans up to £1,000,000 - borrow up to 60% of the property valuation or purchase price (whichever is lower).

Property

Professional mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.

For property purchases in Scotland, we can normally use the property valuation contained in the sellers' Home Report provided that it’s no more than 3 months old. Please speak with your BDM for further details. 

Suitable for:

Professionals who want to borrow up to 95% of the purchase price or valuation of the property – whichever is lower.

Loan amount and loan to value

Loans from £50,000 to £1,000,000

The maximum LTVs for our professional mortgages are:

  • For loans up to £400,000, borrow up to 95% of the property value or purchase price (whichever is lower). This is inclusive of any fees within the loan.

  • For loans above £400,000 and up to £450,000, borrow up to 85% of the property value or purchase price (whichever is lower).

  • For loans above £450,000 and up to £500,000, borrow up to 80% of the property value or purchase price (whichever is lower).

  • For loans above £500,000 and up to £750,000 - borrow up to 75% of the property value or purchase price (whichever is lower).

For loans up to £1,000,000 - borrow up to 60% of the property valuation or purchase price (whichever is lower).

Property

Professional mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.

For property purchases in Scotland, we can normally use the property valuation contained in the sellers' Home Report provided that it’s no more than 3 months old. Please speak with your BDM for further details. 

Suitable for:

Professionals who want to borrow up to 95% of the purchase price or valuation of the property – whichever is lower.

Loan amount and loan to value

Loans from £50,000 to £1,000,000

The maximum LTVs for our professional mortgages are:

  • For loans up to £400,000, borrow up to 95% of the property value or purchase price (whichever is lower). This is inclusive of any fees within the loan.

  • For loans above £400,000 and up to £450,000, borrow up to 85% of the property value or purchase price (whichever is lower).

  • For loans above £450,000 and up to £500,000, borrow up to 80% of the property value or purchase price (whichever is lower).

  • For loans above £500,000 and up to £750,000 - borrow up to 75% of the property value or purchase price (whichever is lower).

For loans up to £1,000,000 - borrow up to 60% of the property valuation or purchase price (whichever is lower).

Property

Professional mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.

For property purchases in Scotland, we can normally use the property valuation contained in the sellers' Home Report provided that it’s no more than 3 months old. Please speak with your BDM for further details. 

Eligible Professions

To qualify for our Professional Mortgage, you’ll need to be over 21 and registered with the one of the appropriate governing bodies listed below:

Accountants

  • Institute of Chartered Accountants Scotland
  • Institute of Chartered Accountants England & Wales
  • Chartered Institute of Management Accountants
  • Association of Chartered Certified Accountants
  • Chartered Institute of Public Finance and Accountancy

Dentists

  • General Dental Council

Medical Doctors

  • General Medical Council

Solicitors

  • Law Society of Scotland
  • Law Society of England & Wales

Actuaries

  • Institute and Faculty of Actuaries

Optometrists

  • General Optical Council

Pharmacists (Partner or Practice Owner) 

  • General Pharmaceutical Council

Vets (Partner or Practice Owner) 

  • Royal College of Veterinary Surgeons

 

We’re unable to consider applications for Professional Mortgages from trainees or students, but we do provide other mortgage options so we might still be able to help.

We also offer Guarantor Mortgages to the children of professionals looking to buy their first home, as well as professionals themselves.

 

Term

Applicants must be at least 21 years old on application and normally not more than 85 at end of mortgage term.


Minimum mortgage term is 5 years and maximum term is 40 years.

The guarantor should not be older than 65 at the time of application and no more than 75 at the end of the mortgage term. They need able to provide confirmation of a sustainable income stream into retirement (if appropriate).

Income Multiples

All mortgage applications are based on affordability.

As a guide we’ll lend up to:

  • Main income x 4.5, PLUS second income x 1 OR
  • Joint income x 3.5

Our flexible underwriting means we assess all applications on an individual basis. The amount we’ll lend will depend on circumstances. Any existing financial commitments will be taken into consideration when calculating affordability.

We also provide additional mortgage borrowing. If your customer's main mortgage is less than the agreed maximum amount they could borrow, you can apply for a Further Advance once you’ve had your mortgage with us for six months.

Repayment options

  • Capital and Interest
  • Interest only - available up to 75% of the property value or purchase price (whichever is lower) with a maximum loan size of £350,000. When applying, we’ll need confirmation that plans are in place to pay off the mortgage at the end of the term and we’ll ask about these plans occasionally throughout the mortgage term. Examples of these plans are normally endowment policies; stocks and shares ISAs; pension lump sums; and second/investment.
Our Current Rates

Interest Rate Options

We offer a range of competitive interest rates to choose from. Read our interest pages for details

 

Security

A first charge will be taken over the property being purchased as security for the mortgage borrowing.

Early Repayment Charges

If you make overpayments of 10% or more of the loan amount in any 12 month rolling period during the initial period, and depending on which mortgage your customer has, the charges apply as follows:

  • For our 3-year mortgage, the charge will be equivalent to 3% of the outstanding balance amount in year 1 and 2 and 2% in year 3.
  • For our 5-year mortgage, the charge will be:

o        5% of the outstanding balance in the 1st year

o        4% of the outstanding balance in the 2nd year

o        3% of the outstanding balance in years 3 & 4

o        2% of the outstanding balance in year 5

After the initial period, the Society will not make an early repayment charge if the mortgage is on Standard Variable Rate and is repaid. However, there will be certain redemption fees that will need to be paid (see our mortgage product rates leaflet for more information).

Insurance

You’ll need to provide evidence that buildings insurance for the property is in place before we can release funds.

Packaging requirements

Check our Packaging Requirements for full details of documents needed for mortgage applications

 

FOR INTERMEDIARY USE ONLY