The remortgage changes include capital raising up to 90% loan to value (LTV), debt consolidation up to 85% LTV and consideration of earned income up to age 80 and 100% of all income – including retirement income – taken into account.
These changes will help older first-time buyers and those managing life changes such as divorce or debt consolidation.
Hodge also offers up to 90% LTV remortgage into retirement, which gives customers “greater choice and financial flexibility”. This could be due to the desire to gift money to family, fund home improvements or consolidate debt.
The tweaks come as September ends, which Hodge said is a key “remortgage season” and an “opportune time” for those looking for “more flexible options”.
UK Finance estimated that the projected value of the external remortgage market will be £76bn in 2025, with the market seeing a 30% uptick since 2024.
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Emma Graham, business development director at Hodge, said: “We know that life isn’t always linear, and people’s financial journeys don’t always fit a traditional mould. That’s why we’ve designed our remortgage products to give customers more flexibility, whether they’re raising capital, consolidating debt, or supporting their family.
“We’re proud to support people into and through retirement, recognising all forms of income, not just earned income, when assessing affordability.”
She continued: “Many customers coming to us are first-time buyers who entered the market later in life, perhaps without the support of the Bank of Mum and Dad. Others are divorcees or separated individuals starting fresh and needing longer mortgage terms that extend into retirement.
“Our products are built with these real-life situations in mind, offering flexibility where other lenders might stop short. What makes our approach unique is the ability to go up to 90% into retirement – a real lifeline for customers who want options that reflect their individual needs.”
