The new products are available at five-year terms and 60% LTV
Specialist lender Hodge has introduced new 60% loan-to-value (LTV) five-year fixed rate products to its 50-plus and retirement interest only (RIO) mortgage ranges.
The new offerings, which are now available, include a 60% LTV five-year fixed 50-plus mortgage with a rate of 5.32% and a £995 product fee, as well as a 60% LTV five-year fixed RIO mortgage with a rate of 5.57% and a £995 product fee.
The launch of these products follows Hodge’s recent introduction of the Hodge Resi product, a rebranded version of its Professional Mortgage offering. The Hodge Resi product aims to provide more inclusive borrowing options for customers with complex income requirements, from age 21 to their chosen retirement age.
Last month, Hodge also adjusted the criteria for its 50-plus and RIO mortgage products to accommodate borrowers with variable earnings. The lender accepts 100% of non-contractual income streams, such as commissions, bonuses, and overtime. Affordability for fixed-term contractors will be assessed on 48 weeks’ pay, up from 46, and there are no minimum income requirements for experienced contractors.
“It has been a busy few weeks at Hodge as we have been launching new products and introducing lower rates across our mortgage propositions,” said Emma Graham (pictured), business development director at Hodge. “These latest products have been introduced as we have been finding an increased demand for lower LTV options. To ensure we provide the same level of solutions to our existing customers, we are also adding the 60% option to our retention range.
“As a business, our aim is to be as adaptable as possible. Adding more options to help our intermediaries and their customers get the right financial outcome is what we’re all about. We believe these new, lower LTV products will help them achieve that.”
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