Hinckley & Rugby Building Society have announced that lawyers, barristers and accountants can now access a specialist range of bespoke products after their professions joined the ranks of the doctors and dentists who qualify for higher loan to income multiples and increased maximum loan sizes.
The fee-free professional mortgages from H&R for Intermediaries are two-year and five-year fixes. Their criteria recognise the future earning potential and career trajectories of doctors, dentists, lawyers, barristers and accountants.
According to the lender, they can borrow up to 5.5 times income at up to 80% LTV and 4.5 times above 90% LTV. Exclusively for professionals, the fee-free products are:
• Two years fixed at 3.49 per cent for up to 95 per cent LTV
• Two years fixed at 2.69 per cent for up to 90 per cent LTV
• Five years fixed at 3.89 per cent for up to 95 per cent LTV
• Five years fixed at 3.19 per cent for up to 90 per cent LTV
For the two-year fixes the ERCs are two per cent during the fix and for the five-year fixes the ERCs are on a sliding scale from five per cent in year one to one per cent in year five. For all four mortgages, overpayments of up to 10% per year can be made without triggering an ERC.
The Society applies its manually underwritten processing to applications from newly and recently qualified professionals as a helping hand to enable them to buy their first and subsequent homes
Carolyn Thornley-Yates, Hinckley & Rugby head of sales and marketing, said: “Such has been the response to our mortgages for medics that we are delighted to be broadening out the range of professions able to access the enhanced criteria.
We recognise that qualifying as a lawyer or an accountant is a tremendous foundation for a long and rewarding career that promises sustained progression. It gives us, as a manual lender, the confidence to consider not just where an applicant is today but what their future potential is.
And thanks to the daily meetings of our Mortgage Referrals Committee, each enquiry and application gets the full consideration of senior decision makers. Brokers with professional clients should know of Hinckley & Rugby’s general willingness to lend flexibly to professionals.”