Building society Bradford and Bingley (B&B) has released details of a new mortgage product aimed at first-time buyers (FTB) currently in training or just starting out in certain professions.
The Professional FTB mortgage is aimed at solicitors, accountants and actuaries who are in the process of studying for professional qualifications while also looking to make their first steps on the property ladder.
The product includes loans of up to 100 per cent of the property's value, a choice of fixed or stepped-rate options and certain broker and completion fee discounts.
"We felt that there was a gap in the first time buyer market, which other lenders had been slow to explore," said B&B's product development manager, Sean Murphy.
"Although there are similar mortgages already available we think our new product offers more attractive features such as a mix of higher income multiples and lower interest rates.
"Our Professional FTB mortgage has been carefully designed to help a particular niche that other lenders have largely ignored," Mr Murphy continued.
"Young professionals that are not yet fully qualified and on a training contract can now benefit from being able to get a foot on the property ladder sooner than they had expected."To read more about mortgages, click here.
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