The lender launched its 55+ RIO product on 11 June, one of the first retirement interest-only mortgages to launch after the regulator reclassification to standard mortgages.
Business development director, Steve Cox said: “We’re committed to ensuring our product range is widely accessible via intermediaries to help older borrowers across England, Wales and Scotland. We recognise property values differ significantly by region, and we’re making these enhancements to allow advisers to be able to offer our residential mortgages to more customers, so as to help facilitate great outcomes.”
He added that RIO has been extremely well received by its intermediary partners and more product choice can only be a good thing for customers.
David Hollingworth from L&C Mortgages said: “The expansion of product choice and criteria will only help give advisers a broader scope of solution that they can offer to their customers. The launch of Retirement Interest Only and improvements in criteria underlines Hodge Lifetime’s commitment to meeting those needs for brokers and their customers.”