Suitable for:
Professionals who want to borrow up to 95% of the purchase price or valuation of the property – whichever is lower.
Loan amount and loan to value
For loans up to £400,000 you can borrow up to 95% of the property valuation.
For loans up to £600,000 you can borrow up to 85% of the property valuation.
For loans up to £800,000 you can borrow up to 75% of the property valuation.
For loans up to £1,000,000 you can borrow up to 60% of the property valuation or purchase price (whichever is lower).
Maximum loan size is £1,000,000.
Property
Professional mortgages are available for owner occupied residential properties. All mortgages are subject to a suitable property valuation.
For property purchases in Scotland, we can normally use the property valuation contained in the sellers' Home Report provided that it’s no more than 3 months old. Please speak with your BDM for further details.
To qualify for our Professional Mortgage, you’ll need to be over 21 and registered with the one of the appropriate governing bodies listed below:
Accountants
- Institute of Chartered Accountants Scotland
- Institute of Chartered Accountants England & Wales
- Chartered Institute of Management Accountants
- Association of Chartered Certified Accountants
- Chartered Institute of Public Finance and Accountancy
Dentists
- General Dental Council
Medical Doctors
- General Medical Council
Solicitors
- Law Society of Scotland
- Law Society of England & Wales
Actuaries
- Institute and Faculty of Actuaries
Optometrists
- General Optical Council
Pharmacists (Partner or Practice Owner)
- General Pharmaceutical Council
Vets (Partner or Practice Owner)
- Royal College of Veterinary Surgeons
We’re unable to consider applications for Professional Mortgages from trainees or students, but we do provide other mortgage options so we might still be able to help.
We also offer Guarantor Mortgages to the children of professionals looking to buy their first home, as well as professionals themselves.
Applicants must be at least 21 years old on application and normally not more than 85 at end of mortgage term.
Minimum mortgage term is 5 years and maximum term is 40 years.
The guarantor should not be older than 65 at the time of application and no more than 75 at the end of the mortgage term. They need able to provide confirmation of a sustainable income stream into retirement (if appropriate).
All mortgage applications are based on affordability.
- For loans less than 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
Single applicant: 4.5 x income
Joint applicants: Main income x 4.5 plus second income x 1 OR Joint income x 4 - For loans over 80% of the property valuation or purchase price (whichever is lower) we’ll lend up to:
Single applicant: 4 x income
Joint applicants: Main income x 4 plus second income x 1 OR Joint income x 3.75
Our flexible underwriting means we assess all applications on an individual basis. The amount we’ll lend will depend on circumstances. Any existing financial commitments will be taken into consideration when calculating affordability.
We also provide additional mortgage borrowing. If your customer's main mortgage is less than the agreed maximum amount they could borrow, you can apply for a Further Advance once you’ve had your mortgage with us for six months.
- Capital and Interest
- Interest only - available up to 75% of the property value or purchase price (whichever is lower) with a maximum loan size of £350,000. When applying, we’ll need confirmation that plans are in place to pay off the mortgage at the end of the term and we’ll ask about these plans occasionally throughout the mortgage term. Examples of these plans are normally endowment policies; stocks and shares ISAs; pension lump sums; and second/investment.
Check our current interest rates.
Security
A Standard Security (Scotland) / First Legal Charge (England) will be taken over the property being purchased as security for the mortgage borrowing.
Early Repayment Charges
If you make overpayments of 10% or more of the loan amount in any 12 month rolling period during the initial period, and depending on which mortgage your customer has, the charges apply as follows:
-
For our 2-year mortgage, the charge will be equivalent to 3% of the outstanding balance amount in year 1, and 2% in year 2.
-
For our 3-year mortgage, the charge will be equivalent to 3% of the outstanding balance amount in year 1 and 2 and 2% in year 3.
For our 5-year mortgage, the charge will be:
o 5% of the outstanding balance in the 1st year
o 4% of the outstanding balance in the 2nd year
o 3% of the outstanding balance in years 3 & 4
o 2% of the outstanding balance in year 5
After the initial period, the Society will not make an early repayment charge if the mortgage is on Standard Variable Rate and is repaid. However, there will be certain redemption fees that will need to be paid (see our mortgage product rates for more information).
Insurance
You’ll need to provide evidence that buildings insurance for the property is in place before we can release funds.
Packaging requirements
Check our Packaging Requirements for full details of documents needed for mortgage applications.