Intermediary only lender Hodge has increased the maximum loan-to-value (LTV) from 70% to 75% across its 50+ and RIO mortgage products.
This means that its entire range of specialist mortgage products, including holiday let, are now available up to 75% LTV.
Emma Graham, business development director at Hodge, said: “We are always looking at ways to adapt and improve our specialist proposition to provide brokers with further options in the later life lending space.
Sales of holiday homes on the coast surge
“In particular, we are pleased to be offering a 75% LTV rate across our RIO products as there are only a limited number of lenders currently serving this area of the market.
“In a year like no other, people are facing big changes in their financial circumstances – good and bad – so flexibility has never been more important. We already go out of our way to support customers from an affordability perspective, using earned income up to the age of 80 and accepting a broad range of different income streams.
“We hope that by bolstering our proposition with a higher LTV, we can now help brokers support more of their customers.”