Across all three ranges, Hodge will now consider lending against properties with two kitchens. This is the first time the lender will issue loans against such homes.
It will also consider properties where the roof is completely flat, as well as properties that are six storeys tall or higher.
For borrowers aged 50 and over, Hodge has increased the maximum loan to value (LTV) for new-build flats up to 85 per cent.
The changes have been made due to broker feedback.
Supporting intermediary partners
Emma Graham (pictured), business development director at Hodge, said: “As with all of the adjustments we continue to make across our entire suite of mortgage products, these changes have been made to support our intermediary partners in light of the invaluable property related feedback they continue to give to us.
“As a specialist lender supporting consumers in the later life market as well as those with complex borrowing requirements, further enhancing the criteria across our 50-plus, RIO and holiday let range of mortgages is further sign of Hodge’s commitment when it comes to maintaining a track record of working to support its customers in the moments that matter.”
“We are always working to absorb and reflect upon the feedback we receive from brokers, and making these latest changes, we believe, will help support customers requiring increasingly flexible lending arrangements in what continues to be a challenging market for many,” Graham added.
“Whether it’s maximising the returns on an existing or prospective holiday lets or remaining flexible around property investment as a possible means for retirement, we understand that customers across the board are looking to make their finances work harder than ever in the current climate.”
This update follows Hodge’s recent reduction to its holiday let rates and increase of the maximum loan size available on RIO mortgages.
Graham said: “We want to continue working closely with, and listening to, the brokers that we work with on behalf of the customers we are all here to support. We hope that these changes to our later life products will be of further help to many of our intermediary partners in doing just that.”
