Hodge is rebranding its 50+ mortgage products to Resi Retire, and removing the need for borrowers to be aged over 50 to access them.
This launch came after Hodge rebranded its professional mortgage to Hodge Resi, in a bid to make its products more accessible for those aged 21 and over with complex income streams.
Hodge introduced further flexibility to its products to maximise affordability from age 21 up to and into retirement, now determined by the customer’s goals rather than their age.
One of the latest changes included adding 60% loan-to-value (LTV) products.
On its Hodge Resi products, it is also reducing selected rates and introducing higher fee and lower rate products to provide more options for intermediaries dealing with higher value cases.
New rates include a Hodge Resi 2-year fixed at 75% LTV with £995 fee at 5.79% down from 6.15%, a Hodge Resi 5-year fixed at 75% LTV with £995 fee at 5.59% down from 5.75%.
Emma Graham, business development director at Hodge, said: “As always at Hodge, it’s key that we are constantly listening to and working closely with our intermediary partners to ensure we are developing products and making changes that really make a difference to the end customer.
“Our new Hodge Resi and Hodge Resi Retire products represent a big change for us here at Hodge.
“We have fundamentally repositioned our propositions to define our customers based on their goals and aspirations rather than their age, which is historically where the later life lending market has been.
“We have challenged ourselves and asked why products that cater for customers lending into their retirement stipulate a minimum age of 50.
“We are excited to see how the Resi Retire products will be welcomed by the market and are looking to chat brokers, IFAs and networks about how they can help customers get the outcomes they need from their mortgages.”
