Hodge has made major changes to its 50+, Retirement Interest Only (RIO) and Holiday Let Mortgage property criteria.
The specialist lender has introduced a range of updates to provide greater flexibility for brokers working with customers who are looking for products in these areas.
The enhancements include the provision of loans on flat roof buildings and those with more than one kitchen for the first time, as well as offering a higher LTV on new build flats too.
Hodge is now operating under new criteria changes which include:
- The provision of 50+, RIO and HBTL loans on properties with two kitchens.
- The provision of 50+, RIO and HBTL mortgages on properties with 100% flat roof.
- The provision of 85% LTV on 50+ mortgage products for new build flats for the first time.
- The inclusion of properties of six storeys or higher on 50+, RIO and HBTL products moving forward.
Emma Graham (pictured), business development director at Hodge, said of the changes: “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.
“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+, 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.
“We are always working to absorb and reflect upon the feedback we receive from brokers and making these latest changes, we believe, will help support customers requiring increasingly flexible lending arrangements in what continues to be a challenging market for many.
“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.”