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Professionals 'can get more from mortgage lender'
05 February 2008
Mortgage lenders are prepared to "go further" for professionals who they think will be able to earn more in the future, according to a Scottish Widows.
The financial services provider pointed out that mortgages for professionals will often offer up to 100 per cent loan-to-value..
Head of product development and marketing at Scottish Widows Richard Clark said: "There's a core group of professionals, for example, doctors, dentists, lawyers…people like that who are very much of the professional mould and who hold a professional qualification.
"They are the people who generally, because of their earning potential later on in their career, lenders will go further for in terms of the amount of lending they will do either on a loan to valuation (LTV) basis or an income multiple basis."
While recent figures have shown that the affordability of mortgages and houses has gone down for first-time-buyers, the possibility of taking out a professional mortgage could provide people in these professions with a way onto the property ladder.
