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The 50+ and RIO mortgages: More flexibility for older borrowers

14th June 2024

Bitesize guide

Older clients often feel that securing the right mortgage to suit their finances can be a challenge, especially those who are retired or nearing retirement. That’s exactly where Hodge step in. Our 50+ and Retirement Interest Only (RIO) mortgages are designed to offer solutions that complement the financial realities of older age and still maximise affordability.

How these four benefits will help older borrowers:

  1. Assessing Interest Only on an Interest Only basis 

Our affordability assessments aim to maximise your clients' borrowing capacity. By evaluating loans on an Interest Only basis, we offer a clearer picture of affordability, helping your clients to better manage their cash flow and maintain a comfortable lifestyle during retirement.

2. Multiple income sources  

We look at your clients whole financial picture to maximise affordability and secure them a mortgage that truly reflects their financial situation. We accept a range of diverse income types such as pensions, retirement income and income from land and property.

3. Flexible terms and increased age limits

We offer 41 year terms on our 50+ mortgage and a lifetime term on our RIO mortgage. This gives your clients peace of mind knowing their home financing is secure as they age.

4. Equity and Loan-to-Value (LTV) flexibility 

Our minimum regional equity requirement on the 50+ product ranges from £250k to £100k and our maximum LTV up to 75%, giving clients secure and stable retirement options. Additionally, we offer debt consolidation up to 75%, allowing older clients to minimise debt and maximise the value of their assets, while enjoying their later years without financial stress.

Interested? Our BDMs are on hand 

Our Business Development team is on hand to answer any questions you may have, or chat through a case you’d like to discuss. Please call a member of the team on 0800 138 9109 or click here to find your local BDM. 

Find out more about our Residential mortgages here. 

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