Darlington Building Society launches new mortgage scheme for young professionals

A local building society is supporting borrowers who are at the start of their careers to get on the housing ladder with its latest offering.

Darlington Building Society has launched its Professionals Mortgage, aimed at workers in specified industries with a clearly-defined earning potential, which offers up to six times an applicant’s salary.

Jobs covered by the Professionals Mortgage are accountants, actuaries, barristers, dentists, engineers, medical doctors, optometrists, pharmacists, solicitors or vets.

Caroline Darnbrook, the Society’s director of products and marketing, said: “We wanted to launch this exciting proposition to help professionals get on the housing ladder and move into their own home at a time to suit them.”

The offering is made possible by Darlington’s commitment to personal underwriting, allowing future earnings to be taken into account.

All applicants must be qualified, practising and registered with the appropriate industry body, and, where applicable, definitions are subject to individual underwriting assessment, particularly with engineers, as the definition can vary.

Caroline added: “We provide an increased multiplier on salary to acknowledge the earning potential of these individuals and wanted to get them into their homes sooner.

“We have included engineers in our offer as this is something that is a strong part of our culture in the North East and we have good knowledge and experience of people working in this field.”

When assessing suitability, the Society will look at current salary plus an assessment of future earnings, with a maximum Loan To Value of 90 per cent.