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
Repayment Vehicle – changes to minimum equity for 50+ interest only mortgages
We wanted to let you know that for our 50+ interest only mortgage, where sale of property is chosen as a repayment vehicle, the following minimum equity values now apply*:
Scotland (ex Dundee and Edinburgh) & North East: £100k
North West, Yorkshire & Humber, & Wales: £120k
London: £250k
Rest of UK: £150k
With immediate effect, from today Tuesday 27th September, we will be temporarily withdrawing all of our residential and holiday buy-to-let mortgage products from sale.
Our commercial lending and bridging offering is not impacted, all commercial products remain available.
How does this impact you?
You have until 9am on Thursday 29th September to submit full applications, for DIPs already submitted.
No new applications will be accepted after this time.