Specialist lender Hodge has lifted restrictions on its mortgages after announcing interim changes to its lending criteria last month.
The lender has resumed accepting applications for new purchases at a maximum of 60 per cent loan to value, and removed its restriction of only accepting like-for-like remortgages.
It will consider capital raising across the whole of its later life range at up to 60 per cent LTV.
Purchase and remortgage transactions will be based on automated valuations.
Emma Graham, business development director at Hodge, said lifting some of the temporary restrictions across later life products would enable it “to help more customers secure finance at this challenging time.
“Over the coming weeks and months, we will continue to review our position in the market with a view to make additional enhancements to our products and criteria in the near future.”
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Restrictions on physical property valuations and the government’s lockdown have been affecting the industry and a range of lenders have temporarily reduced their maximum LTVs.
Other lenders have also relaunched products that had been withdrawn from the market. Last week Nationwide resumed lending up to 85 per cent to new customers.
Chris Sykes, mortgage consultant at Private Finance, said: “It is really encouraging to see lenders returning to market or lifting restrictions on criteria. Hodge coming back to market with greater flexibility gives older borrowers more opportunities for finance when perhaps they or their families need it most.
“Hodge is not alone in this. We have just seen BM Solutions, a major buy-to-let lender, coming back into the market at 75 per cent LTV (up from 60 per cent) and other lenders like Nationwide and Halifax easing on their LTV restrictions.
“Lenders are adapting to these changing times and perhaps even adapting quicker than we have seen in the past.”
By Chloe Cheung
Source: FT Adviser