Mortgage News
Hodge brings later life lending back to 70 per cent LTV
Hodge has resumed lending up to 70 per cent loan to value (LTV) and made changes to its criteria, effective from 9 June.
In April, the lender began to accept new applications up to 60 per cent LTV after limiting its lending to like-for-like remortgages the month before.
Changes to its criteria include the removal of the loan to income restriction of 4.5 x income for like-for-like remortgages, this has been brought back up to 6 x income. The lender has also reintroduced the consideration of earned income up to the age of 80 when assessing affordability.
Emma Graham (pictured), business development director at Hodge, said: “These changes will start to bring us back to where we were before the outbreak of Covid-19 and will allow us to help more customers at this very challenging time.
“Flexibility has never been more important, and we would like to remind our intermediaries that we’ll continue to work with them to accommodate exceptions where ever possible, so please do get in touch with your dedicated business development manager or our lending support desk.”
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“As a responsible lender, we will continue to monitor the situation and improve our criteria where and when possible,” she added.