"We are seeing increasing numbers of first-time buyers in their forties who need a longer mortgage term to manage affordability. "
- Emma Graham, business development director at Hodge
Hodge will now offer up to 6x loan-to-income across its residential mortgage propositions to help those with complex income streams further increase their borrowing potential.
The specialist lender has increased the loan-to-income ratio for those on a salary above £75,000.
Last week, Hodge announced criteria enhancements to make it easier for foreign nationals to secure a mortgage, increasing the maximum LTV to 90% and reducing the required UK residency from three months to two.
Emma Graham, business development director at Hodge, commented: “These changes are aimed at addressing some of the many challenges facing borrowers today.
"At Hodge we are seeing increasing numbers of first-time buyers in their forties who need a longer mortgage term to manage affordability. Higher LTI caps are an effective way to lend responsibly to those who can truly afford the repayments, not just in the here and now, but over time.”
