Specialist mortgage lender, Hodge Bank, has increased its maximum loan size to £3m at 75% LTV and up to £1m at 90% LTV, in an effort to help customers with complex incomes borrow more, and secure homes for their future.
The lender continues to work with the broker community to understand what it can do to ensure borrowers have the flexibility to suit them. Incomes are becoming increasingly complex, while house prices have risen by around a quarter in the past five years, making it more difficult for people to access the size of mortgage they need.
Explaining the introduction of larger loans, business development director for Hodge, Emma Graham, says:
“We know complex incomes are increasingly becoming a challenge for brokers who are trying to do the best for their clients.
“We’ve also seen borrowers with the desire to skip the starter home and get straight into their forever home, something these criteria enhancements will support.
“Life doesn’t look like it used to. Careers are being built to give people the lives they want, rather than just to live, and Hodge Bank is there for them, from age 21 right up to and into retirement.
“Hodge’s underwriters assess 100% of all income, which is becoming more important as income becomes more complex.”
Here’s how maximum loans and LTV look:
- £1m at 90% LTV
- £2m at 85% LTV
- £2.5m at 80% LTV
- £3m at 75% LTV
Hodge lends from age 21, up to and into retirement, with a flexible approach to underwriting which reflects case complexity and diverse income assessment.
This enhancement to Hodge’s criteria is the latest in a series of changes intended to make the lender easier to deal with. Just like the recent increase of maximum LTV to 80% on interest-only mortgages, it puts flexibility front and centre and makes broker journeys feel seamless.
