Hodge Bank has increased loan-to-value limits across its residential and later life mortgage ranges.
The specialist lender will now allow debt consolidation up to 90% loan to value, up from 85%, across its Hodge Resi and Hodge Resi Retire product ranges.
It has also increased its maximum loan to value for remortgaging to 95%, from 90%.
Emma Graham, 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.”
Hodge provides lending for customers with complex income and affordability requirements, with products available from age 21 through to 95.
