Hodge has increased its maximum loan size from £1m to £1.5m.
It has also removed its maximum purchase price (previously £2m) across its range of specialist mortgage products.
These latest updates follow the lender’s recent increase to its LTV from 70% to 75% across its 50+ and RIO mortgage products, meaning that all of its mortgage products are now available up to 75% LTV.
Emma Graham, business development director at Hodge, said: “We continue to see an increase in demand for larger loans across both our over 50s and holiday let product ranges and these changes will provide more flexibility and choice for clients across these specialist markets.
“This is a significant update for Hodge as it’s a move towards us operating at normal levels. Along with the rest of the market, we had to review all of our products during the height of the pandemic to ensure that we were lending responsibly to protect our customers.
“It seems we are amending our criteria at the right time as we have seen an 8% increase in property values for those applying for mortgages with Hodge from December 2020 to March 2021.”
