Hodge has added a professional mortgage to its specialist range, expanding its offering to underserved borrowers.
The mortgage, available to a range of professionals such as barristers, architects, doctors, dentists and more, provides a solution for those with more complex incomes.
Whether customers are newly qualified or an experienced professional with several streams of income, Hodge says its team of experienced underwriters will work with brokers using a personal, common sense approach.
Key aspects of the criteria include up to six times loan-to-income multiple including income from a ‘non-professional’ joint applicant, an elected retirement age of 75, up to 90% LTV and multiple income streams including retained profits and 1 year accounts for the self-employed.
Hodge has trialled the mortgage with a small number of firms and networks who have helped shape the product.
Emma Graham, business development director for mortgages at Hodge, said: “We’re very proud to be adding this mortgage to our specialist range, it’s a testament to the hard work of our research and Underwriting teams who have collaborated closely with trusted partners to ensure they understand the nuances of the professions we are servicing.
“We’ve worked hard to get under the skin of this niche market, by speaking to brokers about their customer’s needs. We’ve identified gaps so that we can really help the underserved as our research shows there are a number of professional customers who still find it difficult to secure mortgage finance due to the complexities of their income. Whether that be self-employed, short term contracts, new contracts or a mixture of income sources we’re able to offer a potential solution.
“Certain aspects of the professional mortgage market are underserved from a high street perspective, with lenders deeming some professional income streams too complex. New associate dentists without self-employed history, junior doctors entering their first short term rotation contract or pharmacists with multiple locum contracts are just some of the professionals we look forward to being able to help finance their dream home.
“With our highly experienced underwriters, we’ve created criteria and service that adds real value to this area of the market. Professionals are often limited on time and so require bespoke service, and that’s what we aim to offer.
“We know how important it is that we are easy to do business with for both brokers and customers alike. As such, our professional mortgage offers a flexible solution with dedicated support throughout. From initial enquiry right through to completion, a team of experienced business development managers and underwriters will be on hand to help.”
