Hodge increases broker fees and reduces product rates

Hodge has increased broker procuration fees and reduced product rates, aiming to enhance value for brokers and customers.

The broker fees have risen from 0.45% to 0.55% on Hodge Resi products, aligning the fees across its entire residential range, including the Hodge Resi, the Hodge Resi Retire, retirement interest-only (RIO), and holiday buy-to-let (BTL). 

Last year, retention procuration fees rose to 0.30%, showing Hodge’s effort to compensate brokers fairly at a time when independent financial advice is crucial.

Hodge also introduced rate reductions of up to 0.27% across its products.

The product enhancements include expanded criteria for foreign nationals, higher loan-to-income ratios, and the removal of the minimum age of 50 for some products. 

Additionally, Hodge implemented the automated valuation model (AVM) for select cases, improving efficiency in the mortgage process.

Emma Graham (pictured), business development director at Hodge, said: “These updates reflect our ongoing commitment to you, our intermediary partners. 

“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.”