Chorley Building Society has introduced a range of professional mortgages, offering borrowers up to six times loan to income (LTI) ratios.

The range includes fixed and variable options, up to 90% LTV on five-year terms. Chorley BS is also offering a ‘low start’ option where the mortgage is available on an ‘interest only’ basis for the first five years.

The range includes; Professional Mortgage five-year discount rate – 80% LTV – 5.20% (initial interest rate)

Professional Mortgage five-year discount rate – 90% LTV – 5.65% (Initial Interest Rate)

Professional Mortgages five-year fixed rate – 90% LTV (fixed until 28.02.2030) 5.29% (initial interest rate)

All of the products include a £250 cashback and do not have a scheme fee or application fee.

Commenting on the product options head of operations Liz Pearson said: “Our new range of products includes a ‘low start’ option where the borrower pays the ‘interest-only’ for five years.

“We know that the first few years forging a new career can be demanding and this ‘low-start’ can help reduce some of the financial pressure a young professional may face, setting up on their own for the first time as their income is increasing over the early years of their career.”

She added: “To help brokers understand if this type of mortgage is suitable for their clients, we have developed a new affordability calculator, which will provide a result (for illustrative purposes) to indicate whether their client meets the affordability requirements for our professional mortgage.”