As lack of stock coming to market means property prices continue to rise, being able to get a big-enough mortgage to afford the home you desire can be a challenge. The good news for professionals, such as lawyers, doctors, bankers and actuaries, is that some lenders will consider offering you favorable terms, such as higher income multiples or loan-to-values (LTVs).
Lenders are prepared to offer professional mortgages to applicants. Because they understand how the income of doctors, lawyers and accountants etc. is structured. And appreciate their future income potential.
For example, doctors can find it difficult to get a mortgage if they are self-employed. Are a locum providing their services as a sole trader or via a limited company. Consultants may also have income from private practice on top of their NHS salaries. Likewise, GP partners are not always salaried and may have additional earnings. Not all lenders understand the ins and outs of these income sources. Which is why you should seek advice as to the most appropriate mortgages for doctors.
High income multiples and LTVs
Indeed, it is possible for doctors and lawyers to borrow up to six times income. Whereas the standard among lenders for non-professionals is around four, or 4.5, times income. What’s more, the lender may be prepared to take 100 per cent of variable income into account when working out how much you can borrow. With 90 per cent LTV available on mortgages up to £2million and 85 per cent LTV up to £5m. Without the need for assets under management (AUM) to be lodged with a private bank.
Get in touch
Any professional looking for a large mortgage to purchase their next (or first) property should get in touch. AWS Private Finance is a whole-of-market mortgage broker with plenty of experience in arranging large loans for professional Mortgages. We know which lenders to approach to get the best terms. Ensuring you maximize your borrowing potential. This can make a significant difference to the amount of money you can raise. Which in turn will have an impact as to the home you can afford.