Swansea has increased the loan to income ratio available to people who work as a medical doctor, surgeon, or dentist with the launch of a new product.
Available for capital repayment or on an interest-only basis, the mortgage allows sole customers to borrow up to 5.5 times their income and, for joint borrowers where one person is in the mentioned profession, 5 times their joint income.
The product comes in two forms – ‘MedPro’ and ‘MedProFA’. Both are available at up to 80 per cent LTV and command a £450 valuation fee and £250 application fee.
The former comprises a 1.90 per cent discount for the term of loan, resulting in an initial rate of 2.70 per cent and asks of a 1 per cent of the loan arrangement fee, the latter a 1.55 per cent discount for the term of loan, giving an initial rate of 3.05 per cent. This comes with no arrangement fee.
Swansea Building Society chief executive Alun Williams says: “We are constantly reviewing what we do based on feedback from customers, brokers and our wider analysis of the mortgage landscape to ensure we are competitive where relevant in the current market.
“In this case, we wanted to develop a product that would reflect the current and future earnings potential of some of our clients who work in the medical profession. We are delighted to be able to roll this product out; we have already had very good feedback from our network of brokers.”
