Vernon Building Society has launched a new mortgage range aimed at professional borrowers whose current income does not yet reflect their longer-term earning potential.

The mutual said the new Professional mortgage range is designed to allow qualified professionals to borrow in line with guaranteed future income, rather than being constrained by their present salary.

It is available to a broad range of professions, including doctors, solicitors, teachers, engineers and accountants, with a full eligibility list published on the Society’s website.

The products are open to employed and self-employed applicants across England and Wales and can be used for both purchase and remortgage.

Borrowers aged between 18 and 75 are eligible, with a minimum property value of £125,000 and maximum loan sizes of up to £1 million.

The range includes four products, comprising two five-year fixed-rate options at 80% and 85% loan-to-value, alongside two discounted two-year products at the same LTV tiers.

Fees range from £499 to £999, with the discounted products offering no early repayment charge on overpayments of up to 25%.

“COMMON SENSE” UNDERWRITING

Across the range, the Society has removed any maximum loan-to-income ratio. Instead, underwriters can take account of guaranteed future income, such as confirmed pay-scale progression for medical professionals or contractual pay rises for other roles.

Part and part repayment is available up to 85% LTV, with up to 70% of the loan on interest-only. Vernon said this structure is intended to help reduce payments in the early years while increasing borrowing potential.

The Society will also consider self-employed applicants with one year’s accounts, borrowers still in their probationary period and cases involving gifted deposits, reflecting its flexible approach to underwriting.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “Affordability remains one of the biggest hurdles for professional borrowers.

“Rising property prices often mean that even those with strong future earning potential – whether they are early in their careers or more established – struggle to access the homes they want today.

“This new mortgage range reflects our new lending policy and applies our common-sense approach to underwriting.

“By eliminating the LTI cap and allowing affordability to be based on guaranteed income rises, we’re helping professionals borrow in line with their career trajectory rather than being limited by current earnings.”