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How lending up to and into retirement is changing and what it means for brokers  

Andrea Roberts
4th June 2024

By Andrea Roberts, national account manager 

As a data-led organisation, we’re constantly evolving the way we work to keep our fingers on the pulse of the market. Our latest research indicates that when it comes to retirement mortgages, your customers are evolving too.  

Our study, which involved more than 150 brokers from around the UK, revealed that more than two-thirds noticed a striking trend: more and more people are borrowing into their retirement.  

This trend is driven by the need for debt consolidation and covering everyday living expenses, rather than aspirational spending.  Brokers observed clients aren’t borrowing for luxuries, like holidays or cars, but to address financial necessities, such as pension shortfalls, outstanding debt and the rising cost of living.  It highlights  borrowing into retirement is becoming far less about the ‘nice to haves’ and more focused on meeting financial liabilities. Borrowing into a customer’s retirement is becoming more of a necessity for many. 

 It’s really important to us, as specialists in this area of the market, to continue talking and listening to our brokers. Your insights help us to continue supporting all our intermediaries and our customers in the moments that matter. 

More education needed for brokers and customers 

As a result, 70% of brokers agree  they need more education when supporting their customers lending into retirement. The study also revealed 90% of intermediaries feel their customers require a greater level of insight into the solutions available to them.   

To further support brokers, Hodge is hosting a series of webinars and events. The upcoming webinar on 29th May will focus on later life lending and the future of 50+ mortgages. The event will showcase how 50+ customers are evolving and what opportunities and specialist lending solutions are available in a challenging market.  

  We’re also a driving force behind The Later Life Lending Collaboration events taking place in early June. Developed for intermediaries and hosted by industry experts, the remaining locations include Leeds, Coventry and Swindon, and will discuss the latest hot topics on lending into retirement.  

Product enhancements to support your customers 

Our focus here at Hodge has always been to flex and respond to market pressures in a way that best reflects the challenges borrowers are facing. Talking directly to the brokers we work with is one of the many ways we continue striving to achieve this.   
We’ve made recent product enhancements to help customers from an affordability perspective.  These changes include increasing income multiples and accepting a higher percentage of drawdown pension income based on a customer’s age. There’ll also be additional developments brought to the market over the coming months.   

To find out more about Hodge and our mortgage products, please visit  

Andrea Roberts
4th June 2024

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