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Darlington Building Society is the latest lender to offer up to 6 times salary mortgages to professionals.

The society is providing income stretch mortgages exclusively to qualified, practising and registered professionals working as an: accountant, actuary, barrister, dentist, engineer, medical doctor, optometrist, pharmacist, solicitor or vet.

The lender is offering one 3.69% rate fixed until 31/03/2014. At the end of this period, it reverts to the lender's variable rate currently of 5.95%. The overall cost for comparison is 4.80% APRC representative.

The mortgage has a £499 arrangement fee, plus a £120 account fee. It is available for purchases and remortgages providing applicants have a 10% deposit.

Darlington's rate has 3% early repayment charges during for the fixed period, and the lender will provide a free basic valuation for properties valued up to £300,000. The maximum loan size is £750,000 if you have a larger deposit.

Aaron Strutt, product director at Trinity Financial, says: “More of the lenders are offering 5.5 or even 6 times salary mortgages to applicants working in a limited number of professions or earning over £60,000. Applicants cannot have large outstanding balances on credit cards or loans, or they will typically be refused the mortgage.

“If you are looking for a six times salary, it is worth making sure the lender offers a product transfer system at the end of the fixed period. If your property price reduces or you are not earning a large enough salary to remortgage, you do not want to be stuck on an expensive standard variable rate.”

As so many banks and building societies are competing in this space, it is worth checking you are getting to the most competitively priced deal.

Representative example: A capital and interest mortgage of £297,500 payable over 25 years, initially on a 3.69% fixed rate for five years and then on a variable rate of 5.95% for the remaining 23 years, would require 60 monthly repayments of £1,519.84 followed by 240 monthly repayments of £1,838.82. The total amount repayable would be £533,395.20 made up of the loan amount, plus interest (£235,007.20) and £499 + £120 (product fees), £100 (final repayment charge), £35 (completion fee). The overall cost for comparison is 4.80% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

Call Trinity Financial on 020 7016 0790 to secure an income stretch mortgage

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