Hinckley & Rugby Building Society is now granting lawyers, barristers and accountants access to its specialist range of bespoke mortgages.
The professions will join 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 Hinckley & Rugby for Intermediaries are two-year and five-year fixes.
Now, doctors, dentists, lawyers, barristers and accountants can borrow up to 5.5 times income at up to 80% loan-to-value (LTV) and 4.5 times above 90% LTV.
Exclusively for professionals, the fee-free mortgages are as follows:
- Two years fixed at 3.49% up to 95% LTV
- Two years fixed at 2.69% for up to 90% LTV
- Five years fixed at 3.90% for up to 95% LTV
- Five years fixed at 3.19% for up to 90% LTV
The early redemption charge (ERC) for the two-year fixes is 2% during the fix, while the five-year fixes have ERCs on a sliding scale from 5% in year one to 1% in year five. For all four mortgages, overpayments of up to 10% per year can be made without triggering an ERC.
What’s more, the Society’s manually underwritten process aims to provide newly and recently-qualified professionals with a helping hand, enabling them to buy their first and subsequent homes.
Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, commented: “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.”
She added: “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.”