Friday 8th February 2008
When it comes to obtaining a mortgage, holding a professional qualification could be a significant advantage, Scottish Widows suggests.
The financial services provider explains that practitioners with good job security or the likelihood of significant pay rises could be looked upon favourably by lenders.
Head of product development and marketing Richard Clark notes that there are two particular advantages for professionals such as doctors, dentists and lawyers.
"Usually they will have access to a 100 per cent mortgage product in the way some other groups of customers dont," he begins.
Mr Clark adds: "The second thing is that they could potentially get enhanced income multiples so we might lend more."
He explains that the decision to extend a greater level of borrowing is based on the fact that such workers are likely to earn more in the future than their counterparts in other industries.
As a result, the total figure which may be lent is typically greater - both in terms of the absolute amount and as a multiple of the individuals current income.
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