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Hodge adds contractor income to RIO mortgage criteria

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  • 30/11/2018
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Hodge adds contractor income to RIO mortgage criteria
Hodge Lifetime has widened the income criteria for its retirement interest-only (RIO) mortgages and launched an online application process.

 

The lender will now accept contractor’s income when assessing affordability.

It will also consider income from employment, self-employment, investments and various types of rental income, as well as pensions and other types of retirement income.

Hodge has added the option to apply online for its 55+ residential mortgage range.

The lender’s adviser site hosts the online decision in principle application and an affordability calculator.

Hodge Lifetime managing director Deian Jones (pictured) said choice was very important for today’s over-55 consumers looking for a mortgage in later life and so it had sought to increase accessibility.

“With many people now working longer or opting for phased retirement, we decided to include contractor income when assessing affordability,” he said.

 

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