Principality Building Society has increased its loan to income for newly qualified professionals to 5.5x across its entire range of standard residential mortgages.
Those who have qualified as an accountant, actuary, architect, barrister, dentist, doctor, optometrist, pharmacist, solicitor, surveyor or a set in the last five years will be able to borrow up to the higher rate.
Vicky Wales, chief customer officer at Principality Building Society, said: “For many of these young professionals, investing in their career has taken precedence over investing in property. By recognising that, we can help them achieve their goal of owning their own home and that’s why we’ve created a proposition to support newly qualified professionals onto the property ladder.
“The offer is available on purchase and pound for pound remortgage applications, across our standard product range and will include joint mortgage applications for combined income.
“There is no minimum income required which is something we’re proud to be able to offer, and in cases of joint mortgages only one applicant needs be a newly qualified professional.
“These mortgages will be available across England and Wales, exclusively through our registered brokers and broker networks.”
Shaun Sturgess, founder & managing director at Sturgess Mortgage Solutions, added: “This is a fantastic new product to the mortgage market, and already we’ve helped clients to make that all important first step onto the property with this extra help from Principality.
“It’s a very beneficial product at a time where ever increasing property prices have made it especially difficult for first-time buyers.”
