The reduction will apply to all customers currently on a discounted variable rate mortgage with Hodge, as well as those who have mortgages due to mature.
Following the Bank of England’s base rate reduction, Hodge will reduce its standard variable rate (SVR) by 0.50%.
The bank will be lowering its SVR from 4.70% to 4.20% for both new and existing customers.
The reduction will apply to all customers currently on a discounted variable rate mortgage with Hodge, as well as those who have mortgages due to mature.
Emma Graham, business development director at Hodge, said: “In these difficult times, we are doing all we can to ensure our customers are getting the best service from us.
“It’s crucial we support borrowers through this period of uncertainty and passing on the base rate reduction will hopefully help in some way.”
