Mortgages for Professionals

To qualify for our Professional Mortgage, you’ll need to be 21 years old or over and registered with 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 may 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).

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 our Mortgage Advisers for further details).

The maximum LTVs for our professional mortgages are:

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.

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.

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 your circumstances. Any existing financial commitments will be taken into consideration when calculating affordability.

We also provide additional mortgage borrowing. If your main mortgage is less than the agreed maximum amount you could borrow, you can apply for a Further Advance once you’ve had your mortgage with us for 6 months.

Check our current interest rates

If you already have a mortgage and want to switch to a better deal you can remortgage with us.

Our remortgage packages also include a free valuation and free legals to help keep your costs down. And because you never know where your career might take you next, our Professional Mortgage is fully portable, so you can take it with you if you move house.

• 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 you apply, we’ll need confirmation that you have plans in place to pay off your mortgage at the end of the term and we’ll ask you about your plans occasionally while you have a mortgage with us. Examples of these plans are normally endowment policies; stocks and shares ISAs; pension lump sums; and second/investment properties.

A Standard Security (Scotland) / First Legal Charge (England) will be taken over the property being purchased as security for the mortgage borrowing.

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 you have, 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, you will need to pay a charge equivalent to 3% of the outstanding balance amount in year 1 and 2 and 2% in year 3.
• For our 5-year mortgage, the early repayment 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 you move to Standard Variable Rate and choose to repay the mortgage. However, there will be certain redemption fees that will need to be paid (see our Details of Charges leaflet for more information).

You’ll need to provide evidence that buildings insurance for the property is in place before we can release funds.