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The Professional Mortgage
For Medical Doctors, Accountants (Chartered or Certified), Solicitors / Barristers / Lawyers, Architects, Dentists, Vets, Optometrists and Pharmacists.
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This mortgage is designed for a specific group of professions that have a distinct set of needs from a mortgage. It offers ongoing flexibility, enabling you to manage your finances in a bespoke way that suits you. It is available to any of the above professions, providing they are qualified, registered, practising and under the age of 40. With competitve rates at a loan to value ratio of up to 85%.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE |
| Professional Mortgage - 4.25% Fixed Rate until 30.06.2014 |
| Fixed rate until 30.06.2014 from the inception date of the loan |
Changing to the Society's Standard Variable Rate for the remainder of the term, currently |
Overall cost for comparison |
| 4.25% |
5.49% |
5.4% APR Variable |
| Maximum Percentage Loan |
Arrangement Fee |
Early Repayment Charges |
| 85% |
£150 |
2% until 30.06.2014 |
The Society sets its SVR by taking into account a number of factors, including the Bank of England Base Rate. The SVR can be changed at any time, but will not necessarily rise or fall in line with movements in the Bank of England Base Rate.
The Professional Mortgage provides the enhanced key features:
- Enhanced Income Multiples
For loans up to 85% of the valuation or purchase price (whichever is the lower), 4.25 x the first borrower's income + 1 x the second borrower's income, or 3.75 x combined incomes (whichever is the higher).
- Over/Underpayment Facility
You can overpay up to 20% of your mortgage balance per calendar year. Underpayments can then be made at any time in the future. Depending on the size of your overpayments you could go several months without making any payments to your mortgage, offering a high level of flexibility when managing your finances.
- Borrow Back
You may borrow back at any time all previous overpayments made to your mortgage. You may also borrow back your normal repayments made to the mortgage, up to a maximum loan to value of 75%. No fee is payable for either option.
- Repayment Holidays
Have there been times when you would have preferred not to have paid your monthly payment? The Professional Mortgage provides a facility whereby a monthly mortgage repayment can be missed (after 6 consecutive mortgage repayments). This enables you to manage your individual financial circumstances in a way that a standard mortgage would not allow.
- Flexibility for Self Employed Professionals
All that is required is 3 years certified accounts, or 2 years certified and one year projected, to enable a decision on lending to be made.
- Personal Service
Our small team of mortgage specialists; Jake, Debbie, Tina, Sue and Kevin are based right here in Market Harborough and are available to discuss your individual requirements on 01858 412610.
Product information is also available in Braille, Large Print and Audio format.
All of the above features are available subject to satisfactory conduct of the loan account and meeting our lending criteria at the time of request, which may include reassessment of income, property valuation, credit history and confirmation of professional registration. The original borrowing must never be exceeded when utilising any of the Professional Mortgage features. |
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