Platform part of The Co-operative Bank has launched a new product mortgage for qualified professionals.
Qualified professionals will be able to borrow up to 5.5 times their income. The lender has set a minimum income requirement at £35,000. This new product also allows joint applications if one of the applicants is a professional.
Platform’s mortgage for professionals is available for accountants, architects, actuaries, chartered surveyors, and barristers. Further, the list includes dentists, medical doctors, optometrists and pharmacists too. Moreover, solicitors and veterinarians are all classed as professionals.
However, the qualifications of the professionals must align with the relevant registered body and be within the last five years.
At 90 per cent LTV, two-year fixes start at 3.77 per cent and at 85 per cent, 3.09 per cent.
Further, five-year fixes start at 3.91 per cent for 90 per cent LTV products and, at 85 per cent LTV, 3.27 per cent.
Platform is also changing the stressed interest rate. It is used for its buy-to-let affordability calculations for borrowers applying for a five-year fixed rate product or a pound-for-pound remortgage.
So, the rate will go from 5.5 per cent to 5 per cent from Monday 1 February.