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Swansea for Intermediaries has increased the loan to income ratio available to medical professionals earning at least £25,000 a year with the launch of two new products.

These mortgages are exclusively available to registered professionals, including doctors and dentists, providing at least one of the applicants is registered and belongs to a professional body. The products allow sole customers to borrow up to 5.5 times their income and, for joint borrowers where one person is not in the medical profession, five times their joint income. They are available on capital repayment or interest-only.

Swansea's lowest rate is 2.70%, and it has a 1.90% discount for the lender's 4.60% standard variable rate for the term of the mortgage. There is a 1% arrangement fee, plus a £250 application fee and there is a 1% early repayment charge for the first three years. The more expensive 3.05% discounted product does not have an arrangement fee.

Both rates are available to professionals with 20% deposits and the maximum loan size is £2 million. It is worth noting these products are not portable. 

Aaron Strutt, product direct at Trinity Financial, says: “These mortgages were designed to reflect the current and future earnings of those who work in the medical profession. The income multiples are more generous than most of the biggest banks and building societies.

"If you are looking for an income stretch mortgage, there are options, but acceptance criteria is rather strict. Some of the lenders provide 5.5 and six times salary multiples if you earn over £100,000 and offer 5.5 times salary multiples to professional's providing they take a five-year fix.

"Other lenders require borrowers to have a 40% deposit to qualify for a more generous multiples although our brokers still have access to lenders offering five times salary mortgages."

Representative example: Based on a loan of £260,000 for 25 years, on a discounted variable rate of 2.70% for the term of the mortgage the total amount payable would be £361,022.28 made up of the loan amount plus interest repayable by 1 monthly instalment of £1,212.04 followed by 299 monthly instalments of £1,192.76.

Call Trinity Financial on 020 7016 0790 to secure a medical professional mortgage or send an enquiry

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