Our 50+ repayment mortgage now offers 85% LTV

The positive news just keeps on coming in 2022, as well as a host of recent criteria enhancements, we’ve now increased the maximum LTV on our two and five-year fixed 50+ repayment mortgages from 75% to 85%.

Our two and five-year fixed 50+ repayment products enable customers later in life to utilise their earned income up to the age of 80. We also offer fee free options and will consider income multiples of up to six times on like-for-like remortgages.

With your help, we’ve been researching the type of customers who use our 50+ mortgages. We’ve seen that many use it to re-mortgage an existing interest only mortgage nearing maturity. A number of customers are also taking the opportunity to capital-raise for a variety of reasons including home improvements and intergenerational 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 lenders 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.

James Enos, national account manager for Hodge, thinks the change is great news for customers and brokers alike, he said:

“At Hodge, we’re always looking to develop our products and improve the options available to brokers and their customers.

"When it comes to later life lending, listening to our customers and developing our products to support them is key. So it’s great to announce we're increasing our loan to value to 85% on our 50+ repayment product, which will offer further flexibility to over 50s borrowers looking for solutions.”

More information about our 50+ mortgage can be found here.

*https://www.fca.org.uk/publication/research/fca-interest-only-mortgage-review.pdf