Hodge’s professional mortgage statistics have revealed that 58% of its customers in the past year were women, compared to 42% of men applying for the product.
The specialist lender’s data also showed more than a quarter of its applicants (26%) were from the greater London area, with 21% hailing from the South West of England.
The mortgage, available to a range of professionals such as barristers, architects, doctors, dentists and more, provides a solution for those with complex incomes – Hodge accepts multiple income streams and 100% of validated incomes.
Emma Graham, business development director at Hodge, said: “A year since the launch of Hodge’s Professional Mortgage, we’re really pleased to see how well it’s been received by our brokers and their clients. In particular, the six times loan-to-income feature has been very popular, allowing those who are just starting out in their career to get a foot on the property ladder.”
Whether customers are newly qualified or an experienced professional with several streams of income, Hodge’s team of experienced underwriters work with brokers using a personal, common-sense, human approach.
Key aspects of the product’s criteria include up to six times loan-to-income multiple, as well as income from a ‘non-professional’ joint applicant, up to 90% LTV and multiple income streams including retained profits and one-year accounts for the self-employed.
Graham added: “Launching any new product is exciting and the professional mortgage has been no exception. Seeing the product evolve, and gathering data on who this appeals to and where, is so helpful to us as lenders. The fact most of our customers are from London might not be that surprising given the high concentration of professionals based there. But seeing the complex income streams many applicants have has been enlightening.
“Similarly, it’s been interesting to see the gender split and understanding who this product works for. When we designed our professional mortgage, we knew it had to stand out from the crowd. We believe that with its market leading LTI, as well as our dedicated support team available throughout the application process, we have created just that. We know that with a little imagination, life really is your creation.”
