Clydesdale Bank launches mortgage which allows customers to borrow up to 5.5 times their salary
CLYDESDALE Bank will let you borrow up to five and a half times your salary - but only if you're an accountant, barrister, pilot or a doctor.
The new range of mortgages is for "professionals" only, but annoyingly you have to be earning £40,000 a year already and your job has to be one that's on a list put together by the bank.
Normally, banks tend to only lend a maximum of four times your salary.
So if you're earning the average UK salary of £26,000 then you could potentially get a mortgage for £120,000.
But with the Clydesdale deal you'll need to already be earning more than £40,000 a year which means you could potentially borrow twice as much at £220,000.
All you need for the mortgage is a 5 per cent deposit and interest rates start at 2.14 per cent, on two, three and five year fixed-rate deals.
How to get the best mortgage deal
ONCE you've got your deposit together, you can start looking for a mortgage deal.
Websites like and have mortgage sections so you can compare costs and all the banks and building societies have their offers available on their sites too.
If you're getting confused by all the deals on the market, it might be worth you speaking to a mortgage broker, who will help find the best mortgage for you.
A broker will typically cost between £300 and £400 but could help you save thousands over the course of your mortgage.
You can also get advice from a digital mortgage broker for free, like or .
have a list of top mortgage brokers that specilise in the specifics to suit your needs.
You'll also have to decide on if you want a fixed-deal where the interest your charged is the same for the length of the deal or a variable mortgage, where the amount you pay can change depending on the Bank of England Base Rate.
And David Hollingworth from London and Country Mortgages warned buyers not just to be swayed by the headline rate and to take into account product fees, which can typically be around £1,000.
He said: "It's always important to shop around and have options."
"Paying a higher rate interest rate could still work out as better overall value than paying a chunky arrangement fees."
Money expert Charlotte Nelson from explains: "It is unusual but not unheard of and in most cases you have to have a high income."
If you want to put down a bigger deposit the deals also cover 10 per cent and 15 per cent deposits too.
There's also no arrangement fee and they offer free valuations for properties worth up to £2million.
How great does that sound? Well, before you get your hopes up there are a handful of catches.
You will only be considered for the mortgage if your profession is one on the list and you're already earning £40,000 - almost double the average salary in the UK.
So that's accountants, architects, barristers, charted surveyors, dentists, medical doctors, pharmacists, pilots, solicitors and vets.
You'll also need to have been qualified for five years or more.
And to add salt to the wound, you won't be able to get the mortgage directly from the bank either as it's a deal that's only offered through mortgage brokers.
Of course, only the best rates are offered to those who pass the background checks with flying colours so you could end up with a deal with higher interest rates than the one advertised.
Charlotte added: "Clydesdale Bank's professional mortgages are keenly priced for the market and offer qualifying professionals a larger than normal income multiple, which is no doubt likely to make the relevant borrowers sit up and take notice.
"However, with good deals out there for all, professional borrowers will have to do the maths to see if this deal truly stacks up against the competition."
Editor in Chief of , Hannah Maundrell reckons it could open the gateway for more of these types of mortgages.
She said: "If this type of mortgage proves successful for Clydesdale we could see more providers start to offer similar products – healthy competition usually means a better deal for consumers, so we'll have to watch this space."
Latest on mortgages
If this mortgage is way out of your price range then don't worry because there are a whole load of other options out there for first-time buyers.
There's been a surge in the number of mortgages where the lender offers cashback on the loan, so essentially you're being paid to borrow.
The Post Office is also offering a zero per cent deposit mortgage deal for those looking to buy a property for the first time - but you'll need to put your parents house down as a safety net.
These are the £120k homes first-time buyers can afford without putting down a deposit.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a grim task but there are schemes out there to help first-time buyers own their own home.
Help to Buy ISA - It's a tax-free savings account where for every £200 you save, the government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime ISA - Another government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards your first home. You can save up to £4,000 a year and the government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A government scheme that will see 200,000 new-build homes in England to be sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest .
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