Swansea Building Society has announced the launch of a new mortgage product specifically designed for medical professionals.

The society’s Medical Professional Mortgage Product has been created for cases where the applicant, or one of the applicants in the case of a joint mortgage, is a medical doctor, surgeon or dentist. Swansea suggested that any clients might be looking to purchase a property, remortgage from another lender, or raise capital against equity in a property.

The new product also allows the society’s customers to borrow a higher amount against their income compared with standard mortgage products, subject to meeting affordability rules.

The society highlighted that sole customers will be able to borrow up to 5.5 times their sole income – the standard criteria is a multiple of 4.5 – while joint customers will be able to borrow up to 5.0 times their joint income, when the standard criteria is a multiple of 3.5.

Swansea Building Society chief executive, Alun Williams, commented: “We are constantly reviewing what we do based on feedback from customers, brokers and our wider analysis of the mortgage landscape to ensure we are competitive where relevant in the current market.

“In this case, we wanted to develop a product that would reflect the current and future earnings potential of some of our clients who work in the medical profession. We are delighted to be able to roll this product out from October 1; we have already had very good feedback from our network of brokers.”

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