Specialist lender Hodge is introducing further rate reductions across its professional mortgage range, effective from May 4th.
This marks the third rate decrease since the product’s launch in December. Hodge’s latest move showcases the bank’s commitment to listening to intermediary partners and addressing market needs.
The rate reductions include both 5-year and 2-year terms. The new rates for 80% LTV products are: 2-year fixed rate reduced by 30 basis points to 5.50% (with a £995 product fee) and 5-year fixed rate reduced by 55 basis points to 5.70% (with a £995 product fee).
For the fee-free options, the 2-year fixed rate drops by 30 basis points to 5.65%, and the 5-year fixed rate decreases by 55 basis points to 5.85%.
For 90% LTV products, the new rates are: 2-year fixed rate reduced by 30 basis points to 5.55% (with a £995 product fee) and 5-year fixed rate reduced by 65 basis points to 5.75% (with a £995 product fee).
The fee-free options will see the 2-year fixed rate decrease by 30 basis points to 5.70% and the 5-year fixed rate drop by 65 basis points to 5.90%.
These reductions follow Hodge’s introduction of an interest-only option on its professional mortgage range in March, aiming to provide increased flexibility to those with complex incomes, professional traineeships, or self-employment.
Emma Graham (pictured), business development director at Hodge, said: “It’s an absolute delight to be able to cut rates further on a product which has been so warmly welcomed by our highly valued customers, and continues to help us flex and grow in the way we are able to support them regardless of how their income may be structured.
“We’ve continually made changes to our Professional Mortgage range since it first launched in response to the positive feedback we’ve received, and it’s been wonderfully rewarding to see this new form of lending for Hodge fit into the market so well, in what is a relatively short space of time.
“We’re really thrilled, therefore, to be announcing this latest reduction in rates as one of the many ways we continue working hard to support professionals who might otherwise find themselves excluded by high street lenders not willing to properly assess or manage the complex income streams associated with the kinds of jobs they do.”
