Professional mortgages

GoodnessGraciousMe

Hello,

I wondered if anyone knew about or has taken out a professional mortgage before? It's different to a normal mortgage in that it's targeted towards (trainee) professionals such as accountants, actuaries, lawyers, teachers, etc and is much more flexible in regards to amount borrowed, interest rate, etc.

http://www.scottishwidows.co.uk/bank/mortgages/prof_intro.html

I am a trainee actuary and wondered if I could get more favourable terms if I used this type of mortgage compared to a normal one but I don't know where to start? Will a normal broker know about these types of mortgages or should I go directly to the banks that offer them?

Thanks

dimbo61

If you want to use a mortgage broker or go direct to a lender is up to you.
Do you have a deposit ? Good credit history and credit score ?
Full time work with permanent contract ?
Will you get the best deal on the market from this lender or would you be better off shopping around ?
Will you pass affordability ?
Would a broker save you money and give good advice !

IAmWales

They're not going to offer you a better interest rate than a non professional. They were more prevalent before the stricter lending rules came in, now you have to pass affordability irrespective of your job.

GoodnessGraciousMe

Thanks for your responses.

I am in full time permanent employment. I have excellent credit (due to the nature if my job), I have a 15% deposit for a £300k property and money for the additional expenses but I would need to borrow just over 5 times my salary.

amnblog

We specialise in dealing with Professionals. There is a possiblity you will be able to borrow the amount you seek with the correct advice (but not with Scottish Widows).

Can you not simply purchase a less expensive property?

GoodnessGraciousMe

"Can you not simply purchase a less expensive property?"

Not sure how to quote. Sorry.

I'm response to your question, I could but it will mean buying a flat, as opposed to a house, or being much further away from work in central London.