Hodge has reported a 59% rise in 50+ mortgage completions since 2019.

Applications reached a peak in November 2021.

The average value of a 50+ mortgage with Hodge is now £187,827, an 18% value increase since 2018.

The bank also saw a 40% increase in completions from 2019 to 2020 and a 14% increase from 2020 to 2021 with the annual value of its mortgage completions doubling from 2019 to 2021.

Hodge has also recently increased the LTV on its two and five-year fixed 50+ repayment mortgages to 85%. The previous LTVs on all fixed products was 75%.

Emma Graham (pictured), business development director at Hodge, said: “It is great to see that our 50+ mortgage is proving more popular than ever with our intermediary partners and their customers.

“It is a great product that allows customers the freedom to release money to do everything from consolidate other finance and mortgages, to give a financial gift to a family member, or increasingly during lockdown we saw customers using the mortgage to make improvements on their own homes.

“That near 60% increase in the number of completions shows how our flexible and one to one underwriting and customer service approach is helping get our intermediary partners great products to suit their clients and their needs.

“Later life products are often overlooked in favour of more traditional mortgages, but I think our latest data shows that things are slowly changing and brokers are looking closer at product benefits rather than going for mortgages they have traditionally recommended.”