Hodge adds interest-only mortgage to professional range

Hodge has added an interest-only product to its professional mortgage range.

It offers those with complex incomes, professional traineeships or in self-employment, such as barristers, dentists, and doctors, more flexibility when it comes to buying a property.

Hodge will consider up to six times loan to income and up to 75% LTV on interest-only.

The product offers lending up to a maximum age of 75. Interest only is also available up to 60% LTV for debt consolidation and overpayments of up to 10% per year are accepted penalty free.

Hodge will consider multiple income streams including those from a ‘non-professional’ joint applicant, alongside retained profits and one-year accounts from self-employed applicants.

Emma Graham, business development director at Hodge, said: “We first launched the Hodge professional mortgage to offer professionals the benefits of a bespoke product hand-in-hand with a quick and smooth mortgage offering to support them through their property journey.

“Now we’ve added interest-only to the range, so those who want a little more flexibility in their monthly outgoings can climb the career and property ladder at the same time.

“We are delighted to be launching this latest enhancement to deepen our commitment to supporting professionals who could otherwise find themselves excluded by high street lenders not willing to spend the time or expertise on properly assessing or managing the complex income streams associated with the kinds of jobs they do.

“Drawing on our extensive knowledge of specialist products and what professionals want from a mortgage, the addition of interest-only is another great example of the way in which Hodge continues listening and responding to the needs of the market.

“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.”