Chorley Building Society has launched a professional mortgage range for young professionals, offering up to six times loan-to-income (LTI) ratios.
The range includes fixed and variable rates with up to 90% loan-to-value (LTV) on 5-year terms.
Borrowers can choose a ‘low start’ option with interest-only payments for the first five years.
Liz Pearson (pictured), head of operations at Chorley Building Society, said: “We know that newly qualified young professionals can sometimes struggle to meet affordability criteria.
“Here at Chorley Building Society, we wanted to recognise the full earning potential that they have, as well as offer innovative options to help them onto the property ladder.
“Our new range of products includes a ‘low start’ option where the borrower pays the ‘interest-only’ for five years.”
Pearson added: “We know that the first few years forging a new career can be demanding and this ‘low-start’ can help reduce some of the financial pressure a young professional may face, setting up on their own for the first time as their income is increasing over the early years of their career.”
The range includes a 5-year discount rate at 80% LTV at 5.20%, a 5-year discount rate at 90% LTV at 5.65%, and a 5-year fixed rate at 90% LTV at 5.29%.
All products come with £250 cashback and no scheme or application fees.
Pearson added: “As a mutual lender, we are very proud to be able to support young professionals onto the property ladder as they begin their careers.
“To help brokers understand if this type of mortgage is suitable for their clients, we have developed a new affordability calculator, which will provide a result (for illustrative purposes) to indicate whether their client meets the affordability requirements for our professional mortgage.”
