Your Questions Answered

Although we've tried to think of everything you might need or want to know about a Professional Mortgage, obviously there will be things that are very particular to you and your circumstances.

If you can't find the answers below, or at any time you want to speak to one of our Mortgage Specialists, call us on 0845 603 6096* to discuss your Professional Mortgage needs.

We hope the answers to following frequently asked questions will help you decide whether a Professional Mortgage is right for you.

What professions are included?

We will lend to the following professions, subject to qualifying criteria.

Medical Doctors, Dentists, Pharmacists, Teachers, Architects, Accountants, Actuaries, Vets, Chartered Surveyors, Optometrist/Ophthalmic Opticians, Barristers, Solicitors, High Potential Development Police Officers, Graduate Fast Stream Civil Servant and Commissioned Military Officers.

Click here for full details of qualifying criteria for each profession.

Is there a minimum income requirement?

You must earn at £20,000 or more to qualify for a Professional First Time Buyer mortgage.

Is there an age restriction?

You must be 18 years old to take out a Professional mortgage.

What if I'm a first time buyer?

Our Professional mortgage has been specifically created for first time buyers!

How much can I borrow?

The basic figure that we'll lend you is 5 times your salary or 4.5 x a joint salary, and 100% of the value of the property. For full details, please see our lending criteria.

How much deposit will I need?

You can borrow up to 100% of the property's value, meaning you don't need a deposit to take this mortgage out.

What are the minimum and maximum loan sizes?

The least we will lend you is £15,001 and the most we will lend you is £400,000.

What fees will I pay?

We charge a range of fees to cover our reasonable administrative costs. These vary from one mortgage to another and may include some of these:

  • An arrangement fee for setting up your mortgage, which is paid on completion and can be added to the mortgage
  • A non-refundable booking fee paid before you apply, on some mortgages
  • An Early Repayment Charge if you repay all or part of your loan before the end of the promotional period to cover our losses
  • We charge new customers a lending fee of £195.00. This fee is for making a loan under a new mortgage. The fee becomes due on completion but you can defer payment until the mortgage is fully repaid. We will assume that you want to defer payment unless you tell us otherwise. We will not charge interest on the fee in the meantime. We will not be entitled to vary the fee if you choose to defer payment
  • When you repay the whole of the loan you must pay us any mortgage release fee we charge at the time of repayment
  • A part repayment administration fee if you repay part of your loan to cover our costs
  • A £30 fee when we send money for your mortgage by CHAPS (Clearing House Automated Payment System).

Please note that we may vary our administration fees during the course of your mortgage to reflect our costs.

How long is the initial rate?

We have a range of Professional Mortgages to choose from, with varying interest rates and deal periods. You should consider the length of time you're prepared to commit to the mortgage up front, as you will have to pay a charge if you repay your mortgage before the end of your promotional period.

Don't forget that all of our mortgages are portable, this means that the rate, terms and conditions of your original mortgage can be transferred to the new property if you move house.

Can I add the arrangement fee to my mortgage?

Yes, you can. Don't forget we'll add the fee to the total mortgage and interest will be charged on it.

Are there any geographical restrictions?

We lend in England, Scotland & Wales. Sorry, but we don't lend in Northern Ireland.

What about buildings insurance?

You will need buildings insurance as a condition of your mortgage to protect against fire, structural damage, etc. We have teamed up with Zurich Insurance to make it simple to take out buildings insurance. Or you can arrange your own cover, in which case we'll charge £25 to cover our administration costs once we've confirmed your provider meets our criteria. Zurich can also help with contents insurance to protect all your possessions.

How I can protect my mortgage repayments?

You should also consider how you would pay your mortgage if you couldn't work because of an accident, sickness or unemployment. We've got together with specialist insurers Pinnacle to offer complete Mortgage Payment Protection Insurance.

When you take out a mortgage with us, a specialist from Zurich Insurance or Pinnacle may call to discuss your needs.

What if I don't qualify for a Professional Mortgage?

Don't worry if your job type isn't listed; if you're a first time buyer we can still help you get into your first home with a First Start Mortgage, which could also allow you to borrow more than a standard mortgage.

What professions are included?

  • Medical Doctor: Licensed to practice by the General Medical Council.
  • Dentist: Licensed to practice by the General Dental Council.
  • Pharmacist: Licensed to practice by the Royal Pharmaceutical Society of Great Britain.
  • Teacher: Required to have a Bachelor of Education or any degree plus the one year Cert Ed. Required one year probation period for full teaching qualification must be completed.
  • Architect: Licensed to practice by the Architects Registration Board who are full members (not student or associate members) of RIBA (Royal Institution of British Architects).
  • Accountant: Acceptable sets of qualifications and professional membership bodies are: CIMA, F/ACA, F/ACCA, CIPFA, F/AAT, CTA, F/ATII, C/ACMA, AAPA.
  • Actuary: Entitled to practice and registered with either the Institute of Actuaries or the Faculty of Actuaries.
  • Vet: Licensed to practice and registered with the Royal College of Veterinary Surgeons.
  • Chartered Surveyor: Licensed to practice and registered with the Royal Institution of Chartered Surveyors.
  • Optometrist/Ophthalmic Optician: Licensed to practice and registered with the General Optical Council.
  • Barrister: Licensed to practice and registered with the Bar Council. In addition you should have a tenancy in legal chambers.
  • Solicitor: Licensed to practice and registered with the Law Society.
  • Graduate Entry Police Officer.
  • Graduate Entry Civil Servant.
  • Commissioned Military Officer.