This month we’re focusing on lending to professionals – a niche area for us at GFM There are lenders that can offer a maximum 40-year term and lending of up to 5.5 x income at up to 80% loan to value and 4.5 x income above 90% loan to value. Not all lenders recognise the future earning potential of professionals. Here is a real life case that Hinckley and Rugby were able to help with. THE REQUEST: A junior doctor had requested a £140,000 residential mortgage at 85% LTV. She received banding one income on top of her basic salary in her role within an NHS hospital. Outcome: Mortgage approved – H&R were able to take 100% of the banding income into account for affordability on top of basic salary. The applicant provided details of the past six months’ banding income and, using enhanced income multiples, we were happy to approve the full amount. |
