It implements changes in response to broker feedback
Specialist lender Hodge has updated its criteria for 50-plus, retirement interest-only (RIO), and holiday let mortgage products to provide greater flexibility for brokers and customers.
Under the new criteria, Hodge will provide loans on properties featuring two kitchens, support 100% flat roof buildings, and allow an 85% LTV on 50-plus mortgage products for new build flats.
In addition, properties of six storeys or higher are now eligible for 50-plus, RIO, and holiday let mortgage products.
Previous updates for later life products include increased income multiples for purchases and remortgages, reduced stress rates on remortgages, and the acceptance of life insurance policies to support affordability under death stress tests.
“As with all of the adjustments we continue to make across our entire suite of mortgage products, these changes have been made to support our intermediary partners in light of the invaluable property related feedback they continue to give to us,” said Emma Graham (pictured), business development director at Hodge.
“As a specialist lender supporting consumers in the later life market as well as those with complex borrowing requirements, further enhancing the criteria across our 50-plus, RIO and HBTL range of mortgages is further sign of Hodge’s commitment when it comes to maintaining a track record of working to support its customers in the moments that matter.
“Whether it’s maximising the returns on an existing or prospective holiday lets or remaining flexible around property investment as a possible means for retirement, we understand that customers across the board are looking to make their finances work harder than ever in the current climate.”
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