Hodge has increased the maximum loan-to-value from 70 per cent to 75 per cent across its later life lending range.

The new higher LTV applies to its 50+ and retirement interest-only mortgage products, while holiday lets mortgages are also available at 75 per cent LTV.

Hodge has also introduced a new 50 per cent LTV tier to provide brokers with greater choice ahead of the spike in residential mortgage maturities anticipated over the coming months.

Hodge business development director Emma Graham says: “We are always looking at ways to adapt and improve our specialist proposition to provide brokers with further options in the later life lending space.

“In particular, we are pleased to be offering a 75 per cent LTV rate across our RIO products as there are only a limited number of lenders currently serving this area of the market.

“In a year like no other, people are facing big changes in their financial circumstances – good and bad – so flexibility has never been more important. 

“We already go out of our way to support customers from an affordability perspective, using earned income up to the age of 80 and accepting a broad range of different income streams. 

“We hope that by bolstering our proposition with a higher LTV, we can now help brokers support more of their customers.”