"Our 50+ product is proving popular for those in later life who want to either get their finances in order, or help family out"
Customers using the mortgage for debt consolidation has also increased by 15% during the same period. In fact, between 2020 and 2021, 27% of Hodge 50+ customers stated they were using the capital for debt consolidation.
The data also found that customers looking to consolidate debts with the funds had a higher average loan size at £161,886, while those who were using the 50+ mortgage funds for home improvements had an average loan size of £154,263, and for a family gift the average was £146,269.
Emma Graham, business development director at Hodge, said: “It has been a bumper few years for our 50+ product, with a 59% increase in completions from 2019 to 2021.
“When our intermediary partners and clients apply for the 50+ mortgage we ask them what they are planning to use the funds for, so we can assess the application as flexibly as possible. This data gives us a great insight into what our customers need the mortgage for.
“And it shows that our 50+ product is proving popular for those in later life who want to either get their finances in order, or help family out – which is understandable given the last two years of uncertainty we have all been facing.”
