Mortgages for Professionals

Professionals could borrow up to 95% of the purchase price or valuation of your new property – whichever is lower.

Why choose a Professional Mortgage?

We designed this mortgage with professional pathways in mind

You could borrow up to 95% of the purchase price or valuation – whichever is lower

You could borrow from £50,000 to £1,000,000, depending on the size of the loan compared to value

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

You can apply for a Professional mortgage if you’re at least 21 years old and normally not more than 85 at end of mortgage term. You’ll also need to be registered with one of the governing bodies listed below

2021 Building Society of the Year at the Scottish Mortgage Awards 

 

Here's what you need to know

You could borrow from £50,000 to £1,000,000, depending on the size of the loan compared to value – so there’s plenty of scope to find the property that’s right for you.

Flexible underwriting means our specialist team of mortgage advisers will consider your application on an individual basis, rather than following a formula. So whether you’re newly qualified or have spent many years in your profession, our Professional Mortgage can be adapted to suit you, wherever you are in your career.

Why choose a Professional Mortgage?

We designed this mortgage with professional pathways in mind

You could borrow up to 95% of the purchase price or valuation – whichever is lower

You could borrow from £50,000 to £1,000,000, depending on the size of the loan compared to value

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

You can apply for a Professional mortgage if you’re at least 21 years old and normally not more than 85 at end of mortgage term. You’ll also need to be registered with one of the governing bodies listed below

2021 Building Society of the Year at the Scottish Mortgage Awards 

 

Here's what you need to know

You could borrow from £50,000 to £1,000,000, depending on the size of the loan compared to value – so there’s plenty of scope to find the property that’s right for you.

Flexible underwriting means our specialist team of mortgage advisers will consider your application on an individual basis, rather than following a formula. So whether you’re newly qualified or have spent many years in your profession, our Professional Mortgage can be adapted to suit you, wherever you are in your career.

Why choose a Professional Mortgage?

We designed this mortgage with professional pathways in mind

You could borrow up to 95% of the purchase price or valuation – whichever is lower

You could borrow from £50,000 to £1,000,000, depending on the size of the loan compared to value

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

You can apply for a Professional mortgage if you’re at least 21 years old and normally not more than 85 at end of mortgage term. You’ll also need to be registered with one of the governing bodies listed below

2021 Building Society of the Year at the Scottish Mortgage Awards 

 

Here's what you need to know

You could borrow from £50,000 to £1,000,000, depending on the size of the loan compared to value – so there’s plenty of scope to find the property that’s right for you.

Flexible underwriting means our specialist team of mortgage advisers will consider your application on an individual basis, rather than following a formula. So whether you’re newly qualified or have spent many years in your profession, our Professional Mortgage can be adapted to suit you, wherever you are in your career.

Eligible Professions

To qualify for our Professional Mortgage, you’ll need to be 21 years old or over and registered with 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 may 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.

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).

 

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 our mortgage advisers for further details).

Maximum Loan and Loan to Value

The maximum LTVs for our professional mortgages are:

  • For loans up to £400,000, you can 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, you can borrow up to 85% of the property value or purchase price (whichever is lower).
  • For loans above £450,000 and up to £500,000 you can borrow up to 80% of the property value or purchase price (whichever is lower).
  • For loans above £500,000 and up to £750,000 you can borrow up to 75% of the property value or purchase price (whichever is lower). For loans up to £1,000,000 you can borrow up to 60% of the property valuation or purchase price (whichever is lower).Maximum loan size is £1,000,000.
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.

How much can I borrow?

All mortgage applications are based on affordability.

  • For loans less than 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
    Single applicant: 4.5 x income
    Joint applicants: Main income x 4.5 plus second income x 1 OR Joint income x 4

  • For loans over 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
    Single applicant: 4 x income
    Joint applicants: Main income x 4 plus second income x 1 OR Joint income x 3.75

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

We also provide additional mortgage borrowing. If your main mortgage is less than the agreed maximum amount you could borrow, you can apply for a Further Advance once you’ve had your mortgage with us for 6 months.

Interest Rate Options

We offer a range of competitive interest rates to choose from. Call us on 0333 207 4007 for details. Our lines are open 9-5 Mon to Fri (10-5 Wed). Calls may be recorded and/or monitored.

 

If you're remortgaging

If you already have a mortgage and want to switch to a better deal you can remortgage with us.


Our remortgage packages also include a free valuation and free legals to help keep your costs down. And because you never know where your career might take you next, our Professional Mortgage is fully portable, so you can take it with you if you move house.

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 you apply, we’ll need confirmation that you have plans in place to pay off your mortgage at the end of the term and we’ll ask you about your plans occasionally while you have a mortgage with us. Examples of these plans are normally endowment policies; stocks and shares ISAs; pension lump sums; and second/investment properties.
Security

A Standard Security (Scotland) / First Legal Charge (England) 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 you have, the charges apply as follows:

  • For our 3-year mortgage, you will need to pay a charge equivalent to 3% of the outstanding balance amount in year 1 and 2 and 2% in year 3.
  • For our 5-year mortgage, the early repayment 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 you move to Standard Variable Rate and choose to repay the mortgage. However, there will be certain redemption fees that will need to be paid (see our Details of Charges 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.

What happens if I want to move house?

 

If you move home and want to transfer this mortgage to a new property, you can do this if the application satisfies our normal lending criteria.

 

What you’ll need for your application

 

We’ll allocate a qualified mortgage adviser to take you through the whole process. They’ll be able to advise which product best suits your requirements by the information you give them. You can have a face-to-face or telephone meeting/appointment – whatever works best for you.

 

We’ll need proof of ID - this can include a passport or a driving licence.

We’ll ask you for 3 months recent payslips and bank statements to confirm your income as your income and outgoings will help us determine how much you can borrow. You’ll need to think about the impact any future rise in interest rates would have on your finances.

We’ll also need information about the property you want to buy, including valuation details or Home Report, and how much your deposit will be.

We’ll need your consent to check your personal financial data to help us assess your mortgage application so we can complete it as efficiently as possible.

 

What happens after I’ve applied for a mortgage?

 

The next step is for us to make you a mortgage offer. Before we can do this, we’ll need a valuation of the property you want to buy. Most homes for sale need the seller to produce a Home Report, which is given to prospective buyers. This contains a survey report featuring information on the condition and valuation of the property. If there’s no Home Report, we’ll instruct an approved valuer to carry out a Lender’s Valuation. We’ll need to charge for this.

Conclusion of Missives and settlement is the final stage. This means that the buyer and seller are both committed to the sale. Your solicitor will keep in touch with you throughout the whole process.
Your solicitor will request the mortgage funds from us before transferring to the seller’s solicitor.
When the solicitor has paid the agreed price and has received the required legal documents, it’s all done and you can move in to your new home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE