It also trims rates on select products
Specialist lender Hodge has adjusted its mortgage offering by increasing broker procuration fees and cutting rates across several products, in a move aimed at delivering more value to both intermediaries and clients.
The company has increased procuration fees from 0.45% to 0.55% for its full residential product range, covering Hodge Resi, Hodge Resi Retire, retirement interest-only (RIO), and holiday buy-to-let (BTL) loans. The change, the lender said, brings consistency across its residential propositions.
This follows the lender’s decision last year to raise retention fees to 0.30%, as part of a broader effort to fairly compensate brokers. The changes come amid growing broker concerns over fee levels, particularly on product transfers, where some advisers report they are losing income due to low commissions.
Alongside the fee changes, Hodge has also reduced rates by up to 0.27% on selected mortgage products.
Product updates include wider eligibility criteria for foreign nationals, increased loan-to-income thresholds, and the removal of the minimum age requirement of 50 for certain products. The lender has also rolled out automated valuation models (AVMs) on qualifying applications to streamline the process.
“These updates reflect our ongoing commitment to you, our intermediary partners,” said Emma Graham (pictured), business development director at Hodge. “By increasing procuration fees and aligning our fee schedule, we’re recognising the complexity found in all customer types, rewarding brokers equally across our product range.
“The enhancements to our products and processes are an important part of this strategy, as we strive to make our proposition accessible to a broader range of customers.”
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