Scottish Widdows Professional Mortgage

s_D_john3

Hi all,
Been looking at this product online as it seems to suit our circumstances quite well.

I'm an employed chartered accountant. Partner is a self-employed dentist (only one year of accounts - but employed as dentist for the prior three years).

We're looking at 90% LTV. I realise our situation is challenging, but SW seem to imply they'll manually access applications and I'm hoping we can convince them that there is some security in our earnings flows.

So question is whether anyone has any experience of this product (buyers applying, borkers recommending).

Just for some added complication, we're intending to keep our flat and rent out.

Any thoughts?

nufc_fan

We are in an almost identical situation to you. SW professional does seem to be suitable but the interest rates are poor. 6.19% for 90% LTV but I think other options are limited.

We have seen a broker who is more optimistic about being able to beat this saying he thinks both Nationwide and Notting BS could consider out application.

If you could squeeze to 15% deposit the rate falls dramatically.

Let me know if you come accross any other options and if anyone has taken out one of theses mortgages some feedback would be great.

Jimbo1976

As nufc_fan has explained SW is good at loans for professionals. Typically it sees them as a better risk than Joe and Jane Average so it will give loans to professionals when the rest of us would be told "the computer says no".

However that generosity does come at a price and that means you have to pay a higher rate.

I suggest you speak to a broker to see if they can find any other lenders who can help. Your parter has previous track record as an employed dentist so that should give some comfort

s_D_john3

I'm in touch with a broker who specialises in advising medical professionals so I'll see what he digs up today. Feeling more and more like I'll have to take the 6%+ rate on the chin for two years fixed, then either drop onto an SVR if rates are still low, or remortgage hopefully having saved up enough to make the LTV 85% next time.

NUFC - Interesting re Nationwide and Notts. I can't seem to find Nationwide's lending criteria online, and don't want to take the online application to far just to find out.

Also thinking rightly or wrongly that a broker is going to be a big help getting through to the right people at lenders who will be able to take a balanced view.

If anyone has gone it alone with Scottish Widdows, I'd be keen to hear your experiences.

nufc_fan

s_D_john3 wrote: »

I'm in touch with a broker who specialises in advising medical professionals so I'll see what he digs up today. Feeling more and more like I'll have to take the 6%+ rate on the chin for two years fixed, then either drop onto an SVR if rates are still low, or remortgage hopefully having saved up enough to make the LTV 85% next time.

NUFC - Interesting re Nationwide and Notts. I can't seem to find Nationwide's lending criteria online, and don't want to take the online application to far just to find out.

Also thinking rightly or wrongly that a broker is going to be a big help getting through to the right people at lenders who will be able to take a balanced view.

If anyone has gone it alone with Scottish Widdows, I'd be keen to hear your experiences.

Let us know what the brokers finds. The broker I went to was not a specialist in that field but a whole market broker nethertheless.

You can offset the Scottish Widows product which could allow you to either reduce the term or the payment over the first few years until more capital behind you.

s_D_john3

I didn't realise you could offset with SW. Is that not only applicable to their variable rate, which in turn is not available at 90% though?

I only skimmed through the site earlier today so could well be wrong. Offest would be a decent add-on given the tax my partner saves throughout the year. Imagine it's the same for yours.

s_D_john3

Just had a quick look - you are right:
http://www.scottishwidows.co.uk/bank/mortgages/prof_how_offset_works.html

nufc_fan

I would prefer a fixed rate lower than the SW product but being able to offset is quite useful.

BookLover_4

I would definitely recommend Scottish Widows Professional mortgage. My OH is also self-employed and they were the only people who would give us a mortgage despite us having a healthy income and full accounts. They work in a small team and so deal with each application individually - this means you can always get through to someone who knows what they are talking about! Obviously the interest rate isn't great but the offset account is definitely a bonus especially if it's used to hold the year's tax money being self-employed. HTH

nufc_fan

BookLover wrote: »

I would definitely recommend Scottish Widows Professional mortgage. My OH is a self-employed dentist and they were the only people who would give us a mortgage despite us having a healthy income and full accounts. They work in a small team and so deal with each application individually - this means you can always get through to someone who knows what they are talking about! Obviously the interest rate isn't great but the offset account is definitely a bonus especially if it's used to hold the year's tax money being self-employed. HTH

Thanks for the info. Could I ask how many years accounts that your other half had when you applied? Did you go for a 90% deal?

manamanah88

May I ask whether or not you were approved by SW? If so, how have you found them?

My OH is a dentist with only 1 years VT experience (salaried), so our bank would not lend us the money (90% LVR).
I have been employed as an Interior Designer for the past 2 years so have finances to back that up, however my OH is considered self employed as he is now a dental associate at a couple of practices with only a couple of months of finance info so far...