Additionally, the Bank has withdrawn its portfolio buy-to-let range, reduced the maximum LTV to 60% across all products, and is restricting remortgages to like-for-like transactions only.
Hodge is extending remote valuations up to 60% LTV across all products, with a maximum valuation of £1m in London and the M25, and £750,000 elsewhere.
It confirmed that any cases already submitted will not be affected, subject to Hodge being able to carry out a valuation.
In line with Government guidance, Hodge is also offering a three-month payment holiday to those affected by Covid-19 and will also extend mortgage offers for up to three months if contracts have been exchanged.
