Hinckley & Rugby Building Society has launched a range of mortgages for doctors and dentists.
The lender will offer enhanced criteria, including higher income multiples and larger mortgage loans based on the applicant’s experience within the medical profession.
The idea is to help more medical professionals with complex incomes and even newly qualified professionals who have recently secured their first contract.
Hinckley & Rugby aims to tempt employed and self-employed doctors and dentists with income stretch mortgages.
Medical professionals can borrow up to 5.5 times salary if they have a 20 per cent deposit and between one to three years’ experience. With between three and five years’ experience, the multiple reduces to 5.25 times salary. Over five years it decreases to 4.75 times salary.
However, if applicants have a deposit of between 10 and 20 per cent and one to three years’ experience, the maximum income multiple reduces to 4.80 times salary. With five years’ experience, the multiple is capped at 4.2 times.
Hinckley & Rugby offers competitively priced two and five-year fixed rates and provides a free property valuation on all purchases.
Aaron Strutt, product director at Trinity Financial, says: “More lenders are offering generous income multiples, but they do not typically base the maximum loan size on the applicant's experience or target doctors and dentists.
"The society can use locum and supplementary income, as well as income from applicants who have recently returned from working overseas.
“Hinckley provides interest-only mortgages with no minimum income requirement, and 40-year mortgage terms are available. The society is one of the few lenders providing no early repayment charge options on its two-year fixed rate mortgages.”
Hinckley & Rugby’s mortgage referral committee meets at 3 pm daily to discuss applications which do not fit its standard lending policy. This committee can approve lending requested from clients in good financial positions, unlike many of the larger lenders.
Call Trinity Financial to secure a doctor or dentist mortgage