Hodge is removing the requirement to meet capital repayment affordability when evaluating Interest Only applications
Specialist lender Hodge has improved its professional mortgage criteria, offering customers with complex incomes even greater financial flexibility.
Hodge, which works with high-net-worth individuals (HNWI) and professionals with diverse income streams across the UK, is removing the requirement to meet capital repayment affordability when evaluating Interest Only applications.
It has also raised the amount customers can borrow.
It is the latest in a series of adjustments made since Hodge launched its professional mortgage product to assist barristers, architects, doctors, dentists, and other defined professionals with multiple income streams enhance their borrowing power.
Hodge said it has also lowered the minimum income needed of those applying for its professional mortgage products from £35,000 to £30,000.
And has raised the maximum age from 40 to 50 as well as updating its income types to permit projected income from chambers for trainee barristers.
The Cardiff-based group has also added new associate dentist income and updated the minimum residency for doctors from 2 years to 18 months for foreign national EU residents against its existing criteria.
Hodge business development director Emma Graham said removing the need to meet capital repayment affordability “is yet another way Hodge continues to show its commitment to providing solutions for underserved areas of the market”.
Graham said: We work really hard to get under the skin of our customer’s requirements and listen carefully to what the brokers working with them are telling us. Understanding complex situations and demonstrating a flexible approach to lending for both brokers and customers is at the heart of everything that Hodge does.