It also cut retention rates
Specialist lender Hodge has announced further rate reductions on retirement interest only (RIO), holiday let, and 50-plus mortgages.
For Hodge, which also cut retention rates, this is a third rate drop across its range of mortgage products since the start of the year.
Rates on its RIO, 50+, and holiday let mortgages have dropped by up to 0.40% across many of its products. Rates on its retention range have also been slashed by up to 0.40% to support existing customers, following a similar reduction on its professional mortgage last month.
The complete product details, reflecting the latest rate changes, are available online through the lender’s website.
“What a start to 2023 we’ve had so far with three rate drops across our products,” Emma Graham (pictured), business development director at Hodge, remarked. “Further stability in the market, as well as in the wider economy, means we can pass these rate reductions on, helping our intermediary partners get more great deals for their specialist customers.
“Reducing the retention rates on our products is also a great way that we feel we can reward both our loyal broker and IFA partners, and their clients who choose to stay with us.”
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