Hodge is removing height restrictions from its lending criteria, meaning it will accept applications for mortgages on homes in England that are in privately built properties more than six storeys high.
The specialist lender has also confirmed it will be accepting applications for homes built by Modern Methods of Construction, subject to referral to its in-house surveyor and head of property risk, Jonathon Matthews.
Easing its criteria around height restrictions will help more people looking to purchase properties in big cities such as London, Manchester and Birmingham.
Many lenders have been reluctant to lend in this space, but now thanks to these criteria changes Hodge will accept applications on properties of six storeys or above. Applications must be within a development built by one of the 51 developers who have signed the ‘Developer Remediation Contract’ with the government, or one of the four developers who have built schemes proven not to be affected by cladding issues, indemnifying leaseholders from cladding remediation.
In a bid to streamline this process, Hodge has invested in its in-house surveying team to assess and review some of the more unusual properties at the initial stages of the application.
Emma Graham, business development director at Hodge, says: “The enhancements were the latest in a long line of adjustments intended to support of brokers who are working harder than ever to support their own customers in the moments that matter. At Hodge, we pride ourselves on being experts across the markets we serve, and property is a big part of this. This is why we’ve decided to take on our own in-house property team to support and review applications at the very beginning of the process, to help save our brokers’ time and hopefully give their customers a quick and easy answer at application.”
Leading this in-house team is head of property risk, Jonathon Matthews, who adds: “We understand many professionals getting their foot on the property ladder in some of the UK’s major cities will be looking at property in high rise buildings – and some lenders are reluctant to approve these because of the issues and liability around the cladding of these buildings.
“We’ve examined the market, looked at the contracts put in place by Government around those issues, and now, with our own property experts and surveyors at hand, feel we’re in the right place to lend on properties above the 6th floor. We hope these enhancements will give our intermediary partners the help and expertise they need to get quick lending decisions for their clients.”
