Hodge says it has loosened the standards of its interest-only skilled mortgage vary, which it provides to these with advanced incomes, skilled traineeships — or are in self-employment, similar to barristers, dentists and medical doctors.
The lender says it should take into account as much as six instances loan-to-income offers and as much as 75% loan-to-value on interest-only merchandise, which builds on the agency’s capital reimbursement provides, already out there within the vary at as much as 90% LTV.
It provides {that a} group of underwriters skilled in dealing with advanced incomes will proceed to handle the product, which is able to take into account a number of revenue streams together with these from a ‘non-professional’ joint applicant, alongside retained income and one-year accounts from self-employed candidates.
The vary lends as much as a most age of 75. Curiosity-only merchandise are additionally out there at as much as 60% LTV for debt consolidation, whereas overpayments of as much as 10% per 12 months are accepted with out penalties.
Hodge enterprise improvement director Emma Graham says: “We first launched the Hodge Skilled Mortgage to supply professionals the advantages of a bespoke product hand-in-hand with a fast and easy mortgage providing to assist them by their property journey.
“Now we’ve added curiosity solely to the vary, so those that need slightly extra flexibility of their month-to-month outgoings can climb the profession and property ladder on the similar time.”
