Borrow more if you are a Professional
The UK Mortgage Market has pretty much been stuck at 4.49 times income for cases with less than 15% deposit for months now so it’s refreshing to learn as we turn into February 2021 that we can now provide a solution for up to 5.5 times income for professional applicants looking to purchase.
The provider is a specialist division of a major UK Bank and access is limited to Mortgage Brokers only, which of course includes Niche Advice.
What does this mean in terms of mortgage borrowing potential?
Well the table below illustrates you could borrow far more as a professional and could quiet conceivably move you into the bracket of an “extra bedroom”.
| Annual income | Standard 4.49 times income | Enhanced 5.5 times income for Professionals | Extra borrowing potential* |
| £35,000 | £157,150 | £192,500 | £35,350 |
| £50,000 | £224,500 | £275,000 | £50,500 |
| £75,000 | £336,750 | £412,500 | £75,750 |
| £100,000 | £449,000 | £550,000 | £101,000 |
* Subject to individual customers circumstances, credit score, and full underwriting
Who is classified as a “Professional?”
The acceptable professions in alphabetic order are:
- Accountants
- Architects
- Actuaries
- Barristers
- Chartered surveyors
- Dentists
- Medical doctors
- Optometrists
- Pharmacists
- Solicitors
- Veterinarians
The qualification must align to one of the respective registered bodies and must be within the last 5 years.
Joint applications are allowed if one of the applicants is a professional.
Other Main Qualification Rules for the 5.5 times income mortgage are:
- The annual salary is £35,000.
- Minimum deposit 10%.
