Richard Clark, head of product development and marketing for Scottish Widows, said that even if global economic conditions continued to worsen firms that specialised in professional mortgages would not leave the market.
He said: “If things do get worse I think that the people who are specialising in this area [of professional mortgages] and have long track records of doing this sort of business will not be put off.”
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Clark added that while some mortgage lenders no longer offered higher loan-to-value (LTV) products, those seeking a professional mortgage would still have access to higher levels of lending.
He did add that the number of products on offer to professionals has fallen, but said that this should not restrict them too much when it came to picking a deal.
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Research conducted by Moneyfacts.co.uk revealed that since December 2007, 11 mortgage firms have reduced the maximum LTV they offer on some or all of their products.
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