Latest rate cut follows criteria enhancements for its later life products
Specialist lender Hodge has announced rate reductions of up to 30 basis points (bps) across its range of 50-plus mortgage products.
Rates of two- and five-year 50-plus fixes at 75% and 85% loan-to-value (LTV) with varying product fees will be reduced by either 30bps or 20bps, effective October 11.
“Thanks to the base rate announcement last month and the markets settling as a result, we are really pleased that we can implement these rate reductions across our 50-plus mortgage product range,” Emma Graham (pictured), business development director at Hodge, said.
“These rate reductions come hot off the heels of criteria enhancements for our later life products too, including reducing the stress test for pound for pound remortgages, increasing income multiples on purchase and remortgage, and a reduction in living costs in light of the changes to the energy price cap.”
Graham stressed that the criteria changes have been made to help brokers and their customers manage affordability, which is a challenge for many at the moment.
“With these latest rate reductions, we really feel that we are doing all we can to support our intermediary partners to navigate these tricky economic times and help their clients in those moments that matter,” she added.
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