Hodge enhances 50+, RIO and holiday let criteria

Hodge has made a series of enhancements to its 50+, retirement interest-only (RIO) and holiday let mortgage criteria.

The enhancements include the provision of loans on flat roof buildings and those with more than one kitchen for the first time, as well as offering a higher LTV of 85% on 50+ mortgage products for new build flats. Hodge will also accept properties of six storeys or higher on 50+, RIO and holiday let products moving forward.

The changes are the latest in a number of enhancements Hodge has made across its products in recent months to help with affordability.

On later life products these have included increasing income multiples on purchase and remortgages, reducing the stress rate on pound-for-pound remortgages, accepting a life insurance policy to support affordability under the death stress test, and more.

Emma Graham, 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+, RIO and holiday buy-to-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.

“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.

“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, therefore."