Hodge has increased its maximum loan size on its Professional, 50+ and RIO mortgage products.
The specialist lender has also increased its maximum loan to value (LTV) for customers wanting to consolidate debt.
Hodge’s latest criteria changes for debt consolidation purposes on Professional, 50+ and RIO products include up to 75% LTV on interest only (formerly 60%). And also up to 85% LTV on repayment (formerly 60%)
For larger loans taken out as Professional, 50+ and RIO Mortgages, it is up to 75% LTV – £2m (formerly £1.5m), up to 85% LTV – £1m and up to 90% LTV – £850k (formerly £750k).
Hodge business development director Emma Graham said: “Over the past three years, we’ve seen an increase in cases where debt consolidation is a loan purpose, particularly in the later life space. The cost of living crisis and rising interest rates make unsecured debt less palatable, leading customers to consolidate onto a lower rate.
“These latest enhancements to our later life and professional product portfolio are also further demonstration of Hodge’s commitment to continually improving the markets we operate in as a means to supporting our brokers and their customers in the moments that matter.”
