The lender previously required borrowers to be at least 55 years old.
It means more borrowers will now qualify for an interest-only mortgage from Hodge and brings the products in-line with the lender’s retirement interest-only offering.
Customers can select the length of the interest-only loan, and earned income up to the age of 80 will be considered.
Future pension, investment, rental and benefit income is also taken into account at application stage.
More older borrowers
Emma Graham, business development director of Hodge (pictured), said: “We have changed the minimum age of these products in response to increasing demand from this age group.
“Hodge provides some of the most flexible later-life products on the market and this is just another way we are listening to customer feedback and changing our lending criteria and products to meet demand.”
Graham noted the growth in older borrowers and added: “We see so many people coming to us wanting to borrow money because they want to buy a new property or boost their retirement income.
“The income of this age group is very different to those who are in their 20s or 30s so flexibility in later life lending is so important and this is what we are good at.”