Hodge has announced it is lowering the minimum age of its residential interest only mortgage from 55 down to 50, bringing it in line with its retirement interest only (RIO) mortgage.
The lender said its residential mortgage products have been designed specifically for borrowers aged 50 and above, and will allow customers to select the length of the loan term.
The renamed ‘50+ Residential Interest Only Mortgage’ will offer customers free legal and valuation services on properties up to £1m, and Hodge added that earned income up to the age of 80 would be considered, that any future pension, investment and rental or benefit income would also be taken into account at application stage, and that it would accept sales of a property as a repayment vehicle.
Hodge business development director, Emma Graham, commented: “We have changed the minimum age of these products in response to increasing demand from this age group. Hodge provides some of the most flexible later life products on the market and this is just another way we are listening to customer feedback and changing our lending criteria and products to meet demand.
“We see so many people coming to us wanting to borrow money because they want to buy a new property or boost their retirement income. The income of this age group is very different to those who are in their twenties or thirties, so flexibility in later life lending is so important.”
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