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We’re not just later life lenders, we’re long term lenders

Emma Williamson
23rd March 2023
Emma Williamson

The ‘Great resignation’ has been swiftly followed by the ‘Great return to work’ as the cost of living drives people back to the rat race.  At Hodge, we’re seeing this trend reflected in the increasing volume of clients we’re supporting to adjust their mortgage term to suit their changing circumstance.

Emma Williamson, head of mortgage origination at Hodge, looks at the many ways Hodge is helping the growing numbers of over 50s returning to work.

The ‘Great resignation’, caused by the wind of the pandemic, saw a wave of the UK workforce quit their jobs for new opportunities, some for a new career, others for the promise of a peaceful and happy early retirement. As many as 43%, more than two in five UK adults, aged 55-66 years old had chosen to take an early retirement since the beginning of the pandemic in March 2020 according to Canada Life.

Less than two years on, for many the ongoing economic instability and insecurity has led to a rethink. Backed by government initiatives to address labour shortages, around one in four who left employment are returning to the workforce. But some are finding it challenging to find a mortgage product that’s suitable. For customers returning to work and looking for term extensions, we could be the solution.

At Hodge, we’re seeing a growing number of customers in their 50s and beyond, looking for longer term mortgages. Customers who are returning to work, customers who want to work past the ‘standard’ retirement age, customers who need us to make the complex simple. Our 50+ can support clients into retirement, our RIO can offer clients no term at all, lasting their lifetime. We’re experts in specialist lending, we recognise and embrace the underserved.

Specialist lending is an umbrella many of your clients can take shelter under. We speak with brokers every week who have customers who are finding it difficult to find a mortgage solution because they have a multiple income streams, work two part-time jobs or are self-employed. At Hodge we can help. As a specialist lender we understand income doesn’t always look like ‘one payslip every month’ that’s why we’ll work across several income streams. We also consider customers in their probationary period if they have a permanent contract. However they earn we’ll try to find the right solution for them.

For customers who want to work into their 70s or even 80s, we’ve developed a customer ‘working age letter’ to allow them to tell us about their plans. This in turn allows our underwriters to understand first-hand how they plan to live and earn over the next few years.

Everyone is different, unique. We want to understand each customer’s individual circumstances so we can help in the best way possible. We can support these customers, all they need do is talk to a knowledgeable broker who can help them find these opportunities.

We’ve been supporting customers with innovative products and a common-sense approach to lending for almost 60 years. We are experts in specialist mortgages and have the knowledge and experience to help take the complicated out of complex borrowing.

If you’re looking for more information about specialist lending and how to deliver the best outcomes for your clients in the changing marketplace, speak to one of our BDMs today.

Emma Williamson
23rd March 2023

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