Exciting news, we’ve introduced capital repayment across our entire 50+ and holiday let mortgage range.
The changes will apply to new customers taking out a 50+ or Holiday Let mortgage and will come into effect from August 10th.
Emma Graham, business development director at Hodge, said: “Introducing capital repayment to these mortgage products is something the brokers we work with closely were telling us is needed in the market. They have clients who can see their interest only mortgages nearing their end and are looking for an alternative product to take over. The FCA is also telling us there will be a new peak in the maturity of interest only mortgages next year.
“Having the choice of a 50+ capital repayment mortgage will make a difference to many customers, whether they are looking to pay off their interest only mortgage or remortgage to make home improvements, being able to pay off that capital will be a very attractive option to many.”
Emma added: “For our holiday let customers it means they can fully repay and own their holiday home to pass onto the next generation, so that bolt hole near the sea can benefit all of the family for decades to come.”
Our 50+ mortgages consider earned income of both employed and self-employed customers up to a maximum age of 80, but have no upper limit if the mortgage is affordable on a pension income. Hodge also lends up to six times a client’s income on a like for like remortgage.
Our Holiday Let mortgage is available from age 21 to 95 allowing 90 days personal occupancy. We accept first time landlords and Airbnb with up to three properties considered.
We also offer an annual 10% overpayment facility across our entire range, as well as our Early Repayment Promise - where customers can sell up and repay in full without early repayment charges.
More information about these products can be found here.