Hodge increases maximum LTV to 85% on 50+ products

Rates are available from 3.49% fixed for two years and 3.60% fixed for five years.

Emma Graham, business development director at Hodge, said: “With the help of our intermediary partners, we have been researching the type of customer who uses our 50+ repayment mortgage product and have seen that many are using it to remortgage current interest-only mortgages that are coming to maturity. A number of customers are also taking the opportunity to capital raise at the same time for a variety of reasons including home improvements and inter-generational gifting.

“The FCA predicts that around 40,000 interest-only residential mortgages will mature every year until 2032, with the majority of those interest only borrowers being aged 65 and over. This, coupled with our own research, has helped us make this latest change to our 50+ repayment mortgage products. Again, it’s about flexibility and giving our customers what they need at this stage of their lives to help them achieve their financial goals.

“Hodge’s 50+ repayment mortgages are products that enable customers later in life to utilise earned income up to the age of 80. This, coupled with the fact that income multiples up to six times are considered for like-for-like remortgages continue to make this product compelling.”