Metro Bank for Intermediaries has increased the number of applicants it will provide 5.5 times salary mortgages to as part of its Professional Range.
The bank has been offering 5.5 times salary mortgages to fully qualified, registered and practising Solicitors, Barristers, Medical Doctors, Accountants, Actuaries, Vets and Dentists, but it has also added Surveyors, Architects and Engineers to its list of acceptable jobs.
This product has also been made available for sole applicants who can demonstrate 'earned income' of £100,000 and above and joint applicants of £150,000 and above per annum.
Aaron Strutt, product director at Trinity Financial, says: “More of the lenders are starting to provide income stretch mortgages to higher earners and professionals. The banks and building societies work out how much you can borrow using affordability calculations so if borrowers have credit cards, loan or children, they reduce the amount you can borrow. Some borrower often needs to borrow just over five times their salary.”
Applicants must have qualified in the last ten years and be registered with the appropriate UK professional body. They must also work in the field related to their profession.
Metro Bank will only consider professional applications for up to two applicants, and at least one person must meet the professional criteria. Applications may be considered where a ‘non-professional’ has the highest income and subject to full case review.
Borrowers will need to take a five-year fix and a deposit of at least 10%; they can also make overpayments of 20% of the initial amount borrowed each year. Other lenders are offering income stretch mortgages where you do not have to take a longer-term fix.
Call Trinity Financial on 020 7016 0790 to secure a mortgage generous mortgage or book a consultation