Clydesdale Bank offers mortgages at 5.5x salary for young professionals

Clydesdale Bank offers mortgages at 5.5x salary for young professionals

Clydesdale Bank has announced that it will offer a new range of mortgages aimed at young professionals, lending up to 5.5x the borrower’s salary.

The new mortgage is available to newly qualified professionals with five years experience in particular industries.

The new products are available when one or more of the applicants has become fully qualified within the last five years and is employed in one of the following professions: accountants, architects, barristers, chartered surveyors, dentists, medical doctors, pharmacists, pilots, solicitors and vets with an income of £40,000 or more.

The mortgages provide the following exclusive features:

Enhanced income multiples available of up to 5.5x for eligible newly qualified professional applicants.

Up to 95 per cent LTV available for FTBs or home movers.

Up to 95 per cent LTV available with an enhanced maximum loan size of £600,000.

Available for loan sizes between £80,000 and £600,000 and with rates starting at 2.14 per cent, the range will cover residential capital & interest 2, 3 and 5 year fixed rates for LTVs of up to 85 per cent, 90 per cent and 95 per cent. All the new mortgages benefit from no arrangement fee, a free valuation for properties worth up to £2 million and remortgage applications additionally receiving help with legal fees.

For joint applications where only one applicant is a newly qualified professional, standard multiples apply to the additional applicant’s income with all applications remaining subject to affordability assessment.

Fred Sharp, head of mortgage distribution, said: “We already have a range of mortgage products for professionals which have proved extremely popular. Listening to the voice of our brokers and customers alike, we have developed the new range for newly qualified professionals to build on those strong foundations and provide features we know will deliver real value to customers. We’re excited about the launch and look forward to helping even more customers buy or refinance their home.”

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