A year after Hodge launched its professional mortgage product, the company has delved into the data, revealing insights into its customer base. Notably, the statistics have shown that 58% of its customers were women, compared to 42% men.
Additionally, 26% of applicants were from the greater London area, and 21% from the South West of England.
“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,” said Emma Graham (pictured), business development director at Hodge.
The professional mortgage is available to a diverse range of professionals, such as barristers, architects, doctors, and dentists, and is designed to accommodate those with complex incomes, including multiple streams and 100% of validated incomes.
“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,” Graham continued.
She also commented on the gender split, saying: “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.”
The mortgage criteria include up to six times loan-to-income multiple, 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.
Courtney Flockhart, a mortgage advisor at Henry Dannell shared her experience working with Hodge: “I work with a lot of barristers and the six times loan to income multiple is really attractive to a lot of them, as is the faultless service. That’s what really stands out for us as brokers working with Hodge, the access, understanding, and relationship we have with its underwriting team.”
She added: “Many of our clients have complex incomes, but Hodge takes the time to understand those incomes. The underwriting team understands that two years of a client’s accounts won’t be reflective of what they are earning now, or their potential earnings. A client’s accounts from last year are around 18 months out of date, and they get that and so assess that income in a different way.
“With Consumer Duty, we have to demonstrate positive outcomes and that I’ve done all I can for my clients and I feel confident I am totally doing this with Hodge and the relationship I have with its underwriting team.”
