You might have thought jumbo-sized home loans were a thing of the past, but this week saw the launch of a mortgage that lets people borrow up to six times their income.
The Professionals Mortgage has been launched by Darlington building society and is aimed at “workers in specified industries with a clearly defined earning potential”.
Jobs covered are accountants, actuaries, barristers, dentists, engineers, doctors, optometrists, pharmacists, solicitors and vets.
It comes a few months after Clydesdale Bank said it would grant mortgages of 5.5 times income to some professional first-time buyers.
Nowadays lenders talk more about “affordability” tests than salary multiples. That said, the typical maximum income multiple available in the UK is about 4 to 4.5.
The Darlington says all applicants must be qualified and members of an industry body, and the maximum loan is 90% of the property’s value.
