Hodge has seen a 36% increase in the number of RIO mortgage applications in 2021, compared with last year.
The total value of RIO mortgages with Hodge has also increased by 31%, although the average loan value has remained relatively static.
Emma Graham, Business Development Director at Hodge, said: “Despite a difficult year and start to 2021 our latest data shows that interest in alternatives to the traditional later life products such as Equity Release, is still growing.
“As we’ve seen previously, the interest in RIO mortgages continues to grow steadily but surely. And it’s not just the number of applications that’s gone up, but also the overall value of those applications.
“We believe this is partly due to more and more customers looking at alternative later-life lending options. And at Hodge, we have been able to develop products that fit an ever-changing later life customer and their lifestyles.
“Since launching this product in 2018, RIO has slowly and steadily increased in popularity, with intermediaries introducing their customers to the product as a useful tool to release finances, for things such as home improvements, family gifts, or just to enjoy retirement post covid.”
Hodge was one of the first lenders to launch a RIO mortgage in 2018.
More information on Hodge Bank’s RIO products can be found here https://hodgebank.co.uk/mortgages/rio-mortgage/.
Notes to editors
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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.
More information can be found on the website www.hodgebank.co.uk.
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