You could argue that mortgage products are becoming more diverse and we have already seen Nationwide launch products specifically aimed at older borrowers. This trend seems set to continue into 2018 and Clydesdale Bank is the latest lender to catch our eye with a whole host of new mortgage products having just been released onto the UK marketplace. We’ve got some details on some of these new products with many of them aimed at customers who are qualified in specific professions.
The new products are open to those who have qualified in specific professions that include solicitors, accountants and even medical doctors. Additionally, those who have qualified as barristers, chartered surveyors and pilots are also set to benefit from Clydesdale’s latest mortgage product range.
It certainly is apparent that Clydesdale see value in targeting consumers based on their profession and the new criteria will apply to those who have qualified in their respective field within the last 5 years and have an income of £40,000 or more. If you meet these criteria then you could be in for some exclusive features that are hard to come by anywhere else.
This exclusive range certainly won’t be for everyone but for those who qualify, you could be in for a mortgage that offers multiples of up to 5.5X income. Additionally, 95% LTV is available for first-time buyers and home movers with a maximum loan of £600,000. Furthermore, the rates on these new products are set to begin at 2.14% with fixed products available on 2, 3 and 5-year deals.
Of course, there is the whole scenario of joint applicants so how do these products operate for those looking to submit a joint application? Essentially, if only one applicant is a newly qualified professional, the standard multiples will apply to the second applicant’s income so the affordability assessment will still play a key role especially for joint applications.
The lender itself has stated that it is listening to the voice of its customers and brokers alike and this has led to the development of these new products. Clydesdale has argued that its aim is to provide real value to customers so it will certainly be interesting to see how these products are received by the public once they are officially launched onto the marketplace.
We will certainly be keeping a close eye on these developments so if you fall into this category of being a newly-qualified professional then you can certainly get in touch with us and we can discuss your options in more detail. You can find us on 0345 873 1234 or drop us an email on info@specialistmortgages.uk.com