Hodge announces Professional Mortgage Interest Only criteria enhancement
Hodge has announced further enhancements to its Professional Mortgage, offering customers with complex incomes even greater financial flexibility in the current climate.
The specialist lender, which works with high net worth individuals and professionals with diverse income streams across the UK, is removing the need to meet capital repayment affordability when assessing Interest Only applications, increasing the amount customers can borrow.
It is the latest in a series of adjustments made since Hodge first launched its Professional Mortgage product to help barristers, architects, doctors, dentists and other defined professionals with multiple income streams improve their borrowing power.
Alongside launching its Interest Only Professional Mortgage in March, Hodge has also since reduced the minimum income required of those applying for its Professional Mortgage products from £35k to £30k, increased the maximum age from 40 to 50, and updated its income types to allow projected income from chambers for trainee barristers.
It has also added new associate dentist income and updated the minimum residency for doctors from 2 years to 18 months for foreign national EU residents against its existing criteria.
Emma Graham, business development director at Hodge, said removing the need to meet capital repayment affordability is yet another way Hodge continues to show its commitment to providing solutions for underserved areas of the market.
Emma said: “We work really hard to get under the skin of our customer’s needs and listen carefully to what the brokers working with them are telling us. Understanding complex situations and demonstrating a flexible approach to lending for both brokers and customers is at the heart of everything that Hodge does.
“Aspects of the professional mortgage market have previously been underserved from a high street perspective, but throughout 2023 we have continued drawing on the knowledge of our highly experienced underwriters to add real value to this complex area of the market.”
Emma added: “We understand that like life, the level of income many people have at their disposal is less than straightforward – not least in the current economic climate – and this is yet another way Hodge has been able to offer support to our customers in the moments that matter.”