Hodge Bank halts new purchase applications
Hodge Bank has halted all purchase mortgage applications, and suspended its portfolio buy-to-let mortgages in light of coronavirus.
The bank has also said that it will only accept remortgages on a like-for-like basis, and it has reduced its maximum LTV to 60%.
In accordance with the government issuing guidance on delaying moving properties while stay-at-home measures are in place, the bank has introduced these measures on a temporary basis.
Furthermore, the bank said that any customers who currently have an application in place will not be affected by these changes, subject to Hodge being able to carry out a valuation, and all mortgage offers will be extended for up to three months.
In addition, the lender is offering a three-month mortgage payment holiday to those adversely affected by COVID-19.
Matt Burton, managing director of mortgages for Hodge, said: “We believe these measures are in the best interest of our customers and reduce risk for all those involved in the house buying process.”
“For those who don’t usually deal with later-life lending but suddenly find themselves talking to these customers, we want them to know Hodge will do all it can to help them understand the products available and how they can help those customers.
“We’ll be launching a series of CPD accredited webinars for new and existing brokers to introduce them to the products and help them understand this market and educate them further.
“Our customer service team remain on hand to answer any questions which brokers may be having during this difficult time.”