Hodge has made enhancements to its Professional Mortgage criteria, aiming to cater to a broader range of professionals and extending age limits for applicants.
This move includes widening the scope of occupations eligible for the mortgage and adjusting the maximum age criteria.
Emma Graham, business development director at Hodge, commented on the changes: “We have made these criteria changes again in response to what our intermediary partners are telling us and what their customers need in a Professional Mortgage product.
“By making these criteria enhancements we can help provide more complex income-related mortgage solutions to a wider group of customers who were previously underserved, while also offering the same flexibility and personal customer service Hodge is known for.”
The criteria changes for Hodge’s Professional Mortgage product now encompass a broader range of occupations, including mortgage brokers, IFAs, investment bankers, teachers, nurses, and IT consultants.
The maximum age at application has been increased to 75, and the age at the end of the mortgage term is now extended to 80, with earned income up to this age considered.
Additionally, interest-only options are available and will be assessed on an interest-only basis for affordability.
Graham added: “The changes in our age criteria also reflect our further understanding of this market.
“We know professionals often have careers that go on until much later in life, so their incomes may be even more complex and include income from pensions and investments, for example.
“We wanted to be able to support professionals at every stage of their career and believe we can now do so thanks to these changes.”
