It also increases its LTVs for debt consolidation purposes
Specialist lender Hodge has increased its maximum loan sizes on its professional, 50-plus, and retirement interest-only (RIO) mortgage products.
For debt consolidation purposes, the products are also now available at higher loan-to-values (LTVs) – up to 75% LTV on interest only and up to 85% LTV on repayment. Both were previously available at the maximum 60% LTV.
For larger loans taken out as professional, 50-plus, and RIO mortgages, maximum loan sizes have been increased from £1.5 million to £2 million for up to 75% LTV deals, and from £750,000 to £850,000 for up to 90% LTV options. Up to 85% LTV mortgages have a maximum loan size of £1 million.
“As a specialist lender supporting customers with complex incomes, in both later life and professional markets, we understand more than most the challenges facing brokers and consumers when the income is multifaceted,” Emma Graham (pictured), business development director at Hodge, said.
“We see that these challenges are facing all areas of the market, including high population and high net worth areas such as London and other major UK cities, where larger loan amounts and greater financial flexibility are an ever-increasing requirement for borrowers.
“Over the past three years, we’ve seen an increase in cases where debt consolidation is a loan purpose, particularly in the later life space. The cost-of-living crisis and rising interest rates make unsecured debt less palatable, leading customers to consolidate on to a lower rate.”
According to Graham, Hodge is now working closely with partner brokers operating within these areas to improve affordability and the borrowing options available to customers looking to consolidate debt or borrow more.
“These latest enhancements to our later life and professional product portfolio are also further demonstration of Hodge’s commitment to continually improving the markets we operate in as a means to supporting our brokers and their customers in the moments that matter,” she said.
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