Getting a mortgage can be tricky, especially if you’re approaching retirement or have an income that’s not always the same every month. But good news for those over 50 and those planning for retirement! Hodge, a well-known mortgage lender, has just made it easier for people with complex income situations to get a mortgage.
What’s Changed?
Hodge has relaxed their rules about how they assess your income, especially if you have a variable income. Here’s a breakdown of what’s new:
- More Income Accepted: Hodge will now look at 100% of your income, even if it comes from things like commissions, bonuses, or overtime. This is a big change, as before they may not have considered all of your income.
- Shorter Trading History: If you’re self-employed, you only need to provide one year of trading accounts, even if you’ve been in business longer. This makes it easier to get a mortgage, especially if you’re just starting out.
- Easier for Contractors: For fixed-term contractors, Hodge now considers 48 weeks of pay instead of 46. Also, there’s no minimum income requirement for experienced contractors. And they’ll now accept a gap of up to three months between contracts (it was only six weeks before!).
- Better for 50+ and RIOs: Hodge will now look at things like retained profits and day one day rates when assessing borrowers over 50 and those applying for retirement interest-only mortgages.
What Does This Mean for You?
These changes could be great for many people who find it difficult to qualify for a mortgage with traditional lenders.
If you’re over 50, self-employed, a contractor, or planning for retirement, it’s worth checking out Hodge. They’ve built a strong reputation for helping people in these situations.
Remember: It’s always a good idea to talk to a mortgage advisor who can help you figure out what’s right for you.