Hodge, the specialist lender, has announced an enhancement to its Professional Mortgage by adding an interest-only option.
The addition aims to provide even greater flexibility to professionals with complex incomes, including those in self-employment, such as barristers, dentists, doctors, and more. The lender will consider up to six times loan to income and up to 75% LTV on interest-only.
The product already offers capital repayment up to 90% LTV. The team of underwriters, experienced in managing complex income streams, will continue to handle the product, considering multiple income streams, including those from non-professional joint applicants, retained profits, and one-year accounts from self-employed applicants.
The product offers lending up to a maximum age of 75, with interest-only available up to 60% LTV for debt consolidation, and overpayments of up to 10% per year accepted penalty-free.
Emma Graham (pictured), the business development director at Hodge, said the new enhancement demonstrates Hodge’s commitment to supporting professionals who might otherwise be excluded by high street lenders.
She added: “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.”
