Rupert Jones 

New mortgage deal offers a massive six times income

Darlington launches loan aimed at professionals in wake of Clydesdale’s ‘monster’ offer
  
  

Teesdale, North East England branch of the Darlington Building Society
Darlington building society customers could be on track to borrow six times their income for a mortgage. Photograph: Richard Laidler/Alamy Stock Photo

You might have thought jumbo-sized home loans were a thing of the past, but this week saw the launch of a mortgage that lets people borrow up to six times their income.

The Professionals Mortgage has been launched by Darlington building society and is aimed at “workers in specified industries with a clearly defined earning potential”.

Jobs covered are accountants, actuaries, barristers, dentists, engineers, doctors, optometrists, pharmacists, solicitors and vets.

It comes a few months after Clydesdale Bank said it would grant mortgages of 5.5 times income to some professional first-time buyers.

Nowadays lenders talk more about “affordability” tests than salary multiples. That said, the typical maximum income multiple available in the UK is about 4 to 4.5.

The Darlington says all applicants must be qualified and members of an industry body, and the maximum loan is 90% of the property’s value.

 

Leave a Comment

Required fields are marked *

*

*