Hodge Bank increases LTV limits for remortgages and debt consolidation
The lender now allows debt consolidation up to 90% LTV, up from 85%, and remortgaging up to 95%, up from 90%.
Hodge Bank has increased its loan-to-value (LTV) limits to give borrowers more options for remortgaging and debt consolidation.
The lender now allows debt consolidation up to 90% LTV, up from 85%, and remortgaging up to 95%, up from 90%.
These changes apply to both its Hodge Resi and Hodge Resi Retire product ranges.
Emma Graham (pictured), business development director at Hodge, said: “Data from UK Finance shows us debt consolidation continues to rise in line with on-going cost of living challenges and our own data mirrors this as we are seeing an increase in customers looking to capital raise to reduce their outgoings and simplify their monthly repayments.
“With 1.8 million fixed rate deals expiring during the course of this year, there’ll be many customers, specifically those who were first-time buyers, maturing out of their first fixed-rate mortgage looking to free-up some of the equity in their property for home improvements, so there is demand for higher loan to value remortgage options.
“These enhancements enable us to continue broadening our propositions giving intermediaries and their customers more choice and flexibility.”
Related
Hodge Bank expands foreign national criteria with lending up to 95% LTV
Hodge Bank increases maximum loan sizes and enhances affordability criteria
Pepper Money cuts mortgage rates and launches new affordability-focused fix
Hodge Bank joins Mortgage Broker Tools affordability-first platform
Allica Bank cuts BTL rates, expands lending criteria for commercial and expat borrowers
West One Loans cuts residential mortgage rates and enhances criteria
West One raises LTI limits and expands AVM criteria
Santander reduces rates on higher LTV fixed and tracker mortgage products
first direct increases maximum mortgage borrowing limits
Foundation enhances LTI criteria to support higher-earning residential borrowers
Foundation reintroduces remortgage only product and cuts rates across PT range