Chorley Building Society has launched a range of professional mortgages, offering borrowers up to six times loan-to-income (LTI) ratios.
The range includes fixed and variable options, available up to 90% LTV on five-year terms. The Society is also offering a ‘low start’ option where the mortgage is available on an interest-only basis for the first five years.
The range currently offers five-year discount rates from 5.20% at 80% LTV and 5.65% at 90% LTV, alongside a 90% LTV five-year fix at 5.29%.
All products include £250 cashback and have no scheme fees or application fees.
Liz Pearson, head of operations at Chorley Building Society, commented: “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. 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.
“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.”
