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Hodge makes major enhancements to its 50+, RIO and Holiday Let mortgages

18th March 2024

Hodge has made significant enhancements to its 50+, Retirement Interest Only (RIO) and Holiday Let Mortgage property criteria this January.

The specialist lender has introduced a range of updates providing even greater flexibility for brokers working with customers who are looking for products in these areas.

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 on new build flats too.

Hodge is now operating under new criteria changes which include:

  • The provision of 50+, RIO and HBTL loans on properties with two kitchens.
  • The provision of 50+, RIO and HBTL mortgages on properties with 100% flat roof. 
  • The provision of 85% LTV on 50+ mortgage products for new build flats for the first time.
  • The inclusion of properties of six storeys or higher on 50+, RIO and HBTL products moving forward too.

Emma Graham, business development director at Hodge, said of the changes: “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 HBTL 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,” Emma continued.

“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.” 

The changes are the latest in a number of enhancements Hodge has made across all of 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 pound for pound on remortgages, accepting a life insurance policy to support affordability under the death stress test, and more.

“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,” Emma concluded.


Notes to editors:

For more information please contact: Kath Chadwick or Jess Childs at Front Door Communications on [email protected]/[email protected] and 029 20 020360.

About Hodge:

Hodge is an independently owned group based in Cardiff, offering a range of personal mortgage products, savings products to private and commercial clients, as well as lending to commercial clients nationwide.

Over 85,000 customers across the UK trust Hodge to support them because of its years of expertise and knowledge in the markets it serves. Hodge design products with customers in mind, keeping things simple and straightforward. The Hodge Foundation, a charity supporting the welfare, medical, academic and educational areas own 79% of Hodge.

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