Hodge adds Interest Only to its Professional Mortgage

Hodge has added interest only to its Professional Mortgage.

It offers those with complex incomes, professional traineeships or in self-employment, such as barristers, dentists, doctors, and more, even greater flexibility when it comes to buying a property.

Hodge will consider up to six times loan to income and up to 75% LTV on interest only, which is a welcome addition to the capital repayment already available on the product up to 90% LTV.

Emma Graham, business development director at Hodge, said: “We first launched the Hodge Professional Mortgage to offer professionals the benefits of a bespoke product hand-in-hand with a quick and smooth mortgage offering to support them through their property journey.

“Now we’ve added interest only to the range, so those who want a little more flexibility in their monthly outgoings can climb the career and property ladder at the same time.”

A team of dedicated underwriters experienced in handling complex incomes will continue to manage the product, which will consider multiple income streams including those from a ‘non-professional’ joint applicant, alongside retained profits and one-year accounts from self-employed applicants too.

Emma continued: “We are delighted to be launching this latest enhancement to deepen our commitment to supporting professionals who could otherwise find themselves excluded by high street lenders not willing to spend the time or expertise on properly assessing or managing the complex income streams associated with the kinds of jobs they do.

“Drawing on our extensive knowledge of specialist products and what Professionals want from a mortgage, the addition of Interest Only is another great example of the way in which Hodge continues listening and responding to the needs of the market.

“We’re really proud of the time and effort we’ve put into launching, and now further developing, our Professional Mortgage portfolio and are always keen to hear from brokers interested in working with us.”

The product offers lending up to a maximum age of 75. Interest only is also available up to 60% LTV for debt consolidation and overpayments of up to 10% per year are accepted penalty free.