Mortgages for those recently qualified professionals

For the month of May, we’ll be focussing on approved mortgages for recently qualified professionals. We know the prospect of climbing the career ladder can just be as daunting as climbing the housing ladder. At Hinckley & Rugby, we recognise the future earning potential of those making their first moves in their chosen professions whatever their homeowner status – whether a first-time buyer, non-owner occupier, next-time buyer, potential or existing landlord. This month, we’ll be sharing some examples of cases approved by our manual underwriters which demonstrate our flexibility when it comes to lending to those newly graduated.

Read below, our approved case involving a newly qualified dentist and trainee accountant:

Newly qualified professionals graduate onto housing ladder
The application: 

  • The applicants – a recently qualified dentist and a trainee accountant – requested £400,000 to purchase their first property
  • They lived in rented accommodation
  • The dentist graduated last year and was in their first year of self-employment with a Unit of Dental Activity (UDA) contract in place; the trainee accountant had been in his role for 18 months

Our solution: 

Using applicant two’s salary as a trainee accountant and the full value of applicant one’s UDA contract to determine affordability, our manual underwriters were able to offer the applicants the full amount for 90% LTV over 25 years.

Mortgage Sales & Distribution Senior Manager, Evan Crosskey, said:
“Although only recently qualified, our mortgage experts could see the earning potential of our professional applicants and applied income trajectory to determine affordability. Thanks to our knowledge and experience of these professions, and our flexibility to consider the dentist’s UDA contract for affordability, we were able to offer the applicants a product to suit their needs, allowing them to purchase their first property.”
Do you have a complex mortgage case you’d like to discuss?

Contact our dedicated Business Development team:

📞 01455 894084 ✉ development@hrbs.co.uk

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