Here is the latest update from the Hodge Bank. You can access their full product set, including equity release via our mortgage club as well as some packaged mortgage options too.
Latest Announcement from Hodge Bank
Criteria Enhancement Holiday Let – Increase in rental yield to 30 weeks occupancy
Great news! We will now accept 30 weeks occupancy as a rental yield projection for our holiday let mortgages.
Hodge previously allowed calculated rental income using an average of projected low, medium and high season weekly rental yield based on 26 weeks occupancy but this has now increased by four weeks to 30.
Emma Graham, business development director for Hodge, said of the change: “We constantly talk to our broker colleagues and ask them how we can improve our products. They suggested a few things. We listened and now this new 30-week occupancy calculation change has been made.
You asked, we listened – exciting criteria enhancements
You asked, we listened – We always take your feedback on board and we’re excited to announce some criteria enhancements. We’ve made these changes so you can help even more customers and grow your business, at Hodge, we’re always working with you.
Our criteria enhancements:
- We’ve reduced our minimum property value from £120,000 down to £100,000 across all our mortgages.
- We’ll now accept traditional Scottish tenement flats.
- We’ll now accept properties with private drainage (septic tanks) and we’ll consider properties with shared drainage provided legal arrangements are in place for maintenance and access.
For 50+ and RIO Mortgages, at Hodge we:
- Consider earned income, both employed and self-employed, up to a maximum age of 80
- Look at both pre and post retirement income, there’s no upper age limit if the mortgage is affordable on pension income
- Can lend up to six times income on a like-for-like remortgage
- Lend from age 50 with a maximum term of 41 years for 50+ with no end date for RIO
- Only need one client to be aged 50, we can look at a second applicant under 50 in this instance
- Don’t require a minimum income
- Allow 90 days personal occupancy
- Accept first time landlords and Air B&B with up to 3 properties considered
- Lend from aged 21 to age 95
- Offer enhanced rental calculation for 5 year fixed
- Consider non-owner occupiers