Rob - welcome to volvoforum.com! Sorry to hear about your latch problem. Not aware of this being a common problem. Try these for replacements:
http://http://www.partstrain.com/ShopByDepartment/Hood_Latch/VOLVO/V40
http://http://www.trademotion.com/partlocator/index.cfm?siteid=213784&gclid=CNzK5prVxZcCFQKfnAodk3ErSA
http://http://motors.shop.ebay.com/items/volvo-latch_W0QQ_newuZ1QQ_sopZ1
Thanks and keep us posted on the repair. It would be great if you would take some pictures and post up a step by step in case anyone else ever has this issue.
http://http://www.partstrain.com/ShopByDepartment/Hood_Latch/VOLVO/V40
http://http://www.trademotion.com/partlocator/index.cfm?siteid=213784&gclid=CNzK5prVxZcCFQKfnAodk3ErSA
http://http://motors.shop.ebay.com/items/volvo-latch_W0QQ_newuZ1QQ_sopZ1
Thanks and keep us posted on the repair. It would be great if you would take some pictures and post up a step by step in case anyone else ever has this issue.