The Professional Mortgage has been added to our specialist range, bolstering our suite of products which aim to serve underserved markets.
The mortgage is available to professionals such as barristers, architects, doctors, dentists and more and provides a solution for those with more complex incomes.
Whether customers are newly qualified or an experienced professional with several streams of income, Hodge’s team of experienced underwriters will work with you using a personal, common sense approach.
Key aspects of the criteria include up to six times loan-to-income multiple including income from a ‘non-professional’ joint applicant, an elected retirement age of 75, up to 90% LTV and multiple income streams including retained profits and 1 year accounts for the self-employed.
We trialled the mortgage with a small number of firms and networks which helped shape the Professional Mortgage into the product it is today.
Emma Graham, business development director for mortgages at Hodge, said: “We’re very proud to be adding this mortgage to our specialist range, it’s a testament to the hard work of our research and Underwriting teams who have collaborated closely with trusted partners to ensure they understand the nuances of the professions we are servicing.
“We’ve worked hard to get under the skin of this niche market, by speaking to brokers about their customer’s needs and we’ve identified gaps so that we can really help the underserved as our research shows there are a number of professional customers who still find it difficult to secure mortgage finance due to the complexities of their income. Whether that be self-employed, short term contracts, new contracts or a mixture of income sources we’re able to offer a potential solution.”
Emma continued: “Certain aspects of the professional mortgage market are very much underserved from a high street perspective, with lenders deeming some professional income streams too complex. New associate dentists without self-employed history, junior doctors entering their first short term rotation contract or pharmacists with multiple locum contracts are just some of the professionals we look forward to being able to help finance their dream home.
“With our highly experienced underwriters, we’ve created criteria and service that adds real value to this area of the market. Professionals are often limited on time and so require bespoke service, and that’s what we aim to offer.
“We know how important it is that we are easy to do business with for both brokers and customers alike. As such, our professional mortgage offers a flexible solution with dedicated support throughout. From initial enquiry right through to completion, a team of experienced business development managers and underwriters will be on hand to help.”
For more information about the Professional Mortgage and to talk to one of Hodge’s business development team, please visit: Professional Mortgages - Hodge for Intermediaries.
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