Hodge Bank has increased the maximum loan size within key LTV (loan-to-value) ranges and improved criteria to further support borrowers and improve access to loans.
The changes apply to both the Hodge Resi and 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, rather than 75%, and will ignore additional voluntary pension contributions from an affordability perspective for both employees and the self-employed.
Hodgebank Business development director Emma Graham says: “We have taken feedback from brokers and increased the amount that can be borrowed at higher LTVs. In the case of mortgages with a 90% LTV, the maximum available credit has increased by 100%.”
“This could make the difference between a customer securing the premises they want or having to compromise on location or size, for example by moving outside the catchment area of their preferred school.”