Hodge Bank has increased its maximum loan sizes across key loan-to-value (LTV) bands and enhanced criteria to further support borrowers and improve access to lending.
The changes apply across both Hodge Resi and the Hodge Resi Retire product ranges.
At 95% LTV, the maximum loan size has increased from £600,000 to £750,000 and at 90% LTV, the limit has increased from £1 million to £2 million, while at 85% LTV it has increased from £2 million to £2.5 million.
In addition, the specialist lender will now accept 100% of bonus income, up from 75%, and will ignore additional voluntary pension contributions from an affordability perspective for both employed and self-employed applicants.
Hodge Bank business development director Emma Graham says: “We’ve taken onboard feedback from brokers and increased the amount that can be borrowed at higher LTVs. In the case of mortgages at 90% LTV, the maximum borrowing available has increased by 100%.”
“This could make the difference between a customer being able to secure the property they want or having to compromise on location or size, for example by moving outside the catchment of their preferred school.”
