The products offer borrowing of up to five times income along with 100% of all income. Borrowers can be aged from 21, with earned income accepted up to the age of 80.
This, along with longer mortgage terms of up to 40 years, will “maximise affordability while allowing customers to secure the home they want”.
The firm said the enhancement was also partially due to a rise in broker enquiries from customers in their 30s and 40s looking for family homes in “desirable locations, often without family financial support”.
Hodge said it would also cater for a “growing segment of customers often overlooked by high street lenders, including customers with complex income that are older first-time buyers with limited deposits, usually because they are supporting high rent, and second-steppers navigating life changes, such as divorce”.
Emma Graham (pictured), Hodge’s business development director, said: “Today’s borrowers are getting on the property ladder later and expect more from their first mortgage. Many have strong incomes and career potential but lack a large deposit or have income structures that don’t fit the high street mould.
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“These changes respond directly to broker feedback and findings from the Financial Conduct Authority’s (FCA’s) Discussion Paper – The Future of the Mortgage Market – creating a compelling proposition for these customers and supporting good outcomes. This is about giving them the flexibility and personal approach they need to secure the right home for their future.”
Hodge recently reduced its affordability stress test, which it said would help those buying their first home in later life or those managing affordability in retirement.
