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Hodge removes height restriction from lending criteria

  • 27/11/2023
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Hodge removes height restriction from lending criteria
Hodge has amended its criteria to allow lending on properties that are higher than six storeys.

This will apply to privately built properties in England and is expected to help people purchasing homes in bigger cities such as London, Manchester and Birmingham. 

Applications must be for homes built by one of the 51 developers who have signed the Developer Remediation Contract with the government, or one of the four developers whose schemes are proven to be unaffected by cladding issues. 

Hodge has also invested in its surveying team to manage these applications. 

The lender will also now accept applications for homes in England that are built with modern methods of construction (MMC). These will be subject to a referral to Hodge’s in-house surveyor and head of property risk, Jonathon Matthews. 

Emma Graham (pictured), business development director at Hodge, said: “The enhancements were the latest in a long line of adjustments intended to support brokers who are working harder than ever to support their own customers in the moments that matter. 

“At Hodge, we pride ourselves on being experts across the markets we serve, and property is a big part of this. This is why we’ve decided to take on our own in-house property team to support and review applications at the very beginning of the process, to help save our brokers’ time and hopefully give their customers a quick and easy answer at application.” 

Matthews added: “We understand many professionals getting their foot on the property ladder in some of the UK’s major cities will be looking at property in high rise buildings – and some lenders are reluctant to approve these because of the issues and liability around the cladding of these buildings. 

“We’ve examined the market, looked at the contracts put in place by government around those issues, and now, with our own property experts and surveyors at hand, feel we’re in the right place to lend on properties above the sixth floor. We hope these enhancements will give our intermediary partners the help and expertise they need to get quick lending decisions for their clients.” 

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