Mortgage innovation offers a fairer housing market
Hodge Lifetime and the mortgage broker, John Charcol, have been speaking at our first filmed panel discussion this week in our new series on mortgage industry innovation and the housing market.
We are running this series of filmed talks to follow on from our focus on the housing crisis at our previous events. Rachel Fisher, Head of Regeneration and Infrastructure at the Ministry of Housing, Local Government and Communities will be speaking at our October 10 forum in London on how new housing, infrastructure and jobs will have to be closely aligned in the Cambridge-Milton-Keynes-Oxford corridor and UK regions.
Steve Cox, Business Development Director, Hodge Lifetime, said at the filmed discussion that following the Financial Conduct Authority's recent rule changes on interest-only mortgages (brought in because thousands of borrowers do not have a viable exit strategy), their new product which offers customers a longer term mortgage was an obvious one to launch as it gives greater security into old age.
Hodge Lifetime, has been dedicated to the retirement market since 1965, providing equity release and lifetime mortgage products. It has recently moved into new offices next to the BBC in the regenerated Central Square in Cardiff. See Steve speaking in the video above.
John Charcol's Senior Mortgage Technical Manager, Ray Boulger stated at the discussion that under the old jurisdiction interest only mortgages meant that some regions and property owners were discriminated against where house values were lower as lenders were required to insist on at least £150,000 in equity from borrowers. Now a solution is appearing with retirement interest-only mortgages, which means that older house owners can stay in their properties until they die or go into care.
John Charcol is widely acknowledged to be the UK's leading independent mortgage adviser with offices in Houndsditch, City of London and at Drivers Wharf in Southampton. The company was founded in 1974 and has the largest and most diverse range of experience compared to other brokers. Watch Ray below: