Hodge has introduced two short-term fixed rates on its specialised residential investment (SRI) finance product along with a new 5-year fixed rate of 6.25% and a longer-term variable rate option.
After taking feedback from clients and brokers, who said in the current climate there was an appetite for shorter fixed term deals, the bank has also launched two new short term fixed rates on the SRI product, with a 2-year fixed rate of 5.85%, a 3-year fixed rate of 5.99% and a variable rate option at 3.25%/BoE base rate.
The SRI is designed to help landlords and investors with portfolios of four or more properties including houses, flats, MUBs, HMOs and semi commercial properties.
Gareth Davies (pictured), head of business development for commercial lending at Hodge, said: “It’s been a tumultuous time in the commercial and residential property markets, so we’ve been talking with our clients and brokers about what they are currently looking for in a residential investment product and how we can best support them.
“The overwhelming feedback was that a short-term fixed product was needed – so that’s what we have worked to quickly develop, to be offered alongside the 5-year fixed rate offering.
“We hope the introduction of the new SRI rate options will provide brokers and clients with additional flexibility to support them in achieving their business goals.”
