The product is open to people with complex incomes, professional traineeships or the self-employed.
The lender will consider loans of up to six times a borrower’s income up to 75 per cent loan to value (LTV) on an interest-only basis.
Loans up to 90 per cent LTV are already available on a capital repayment structure.
Non-professional joint applicants are permitted on the mortgage, and the lender will consider multiple income streams from both borrowers. It will also look at retained profits and one-year accounts from self-employed applicants.
Hodge will lend to people at a maximum age of 75. A 60 per cent LTV option is also available for debt consolidation purposes.
Penalty-free overpayments of 10 per cent a year are allowed.
The lender launched its professional mortgage last year.
Emma Graham (pictured), 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.”
Graham said this would help borrowers who would otherwise be turned away by lenders that are unable to assess or manage an applicant’s complex income streams.
She added: “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.”
