Hodge lowers minimum age to 50

The re-named 50+ residential interest-only mortgage offers a maximum lending age of 95 and free legal and valuation services on properties up to £1m.

Earned income up to age 80 will be considered and future pension, investment and rental and benefit income will also be taken into account at application stage.

Hodge also accepts the sale of a property as a repayment vehicle.

Emma Graham, business development director at Hodge, 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.

“They say 50 is the new 40 and this is so true when it comes to lending. 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 from 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.”