Hodge has made significant rate cuts across its range of 50+ mortgage products, reducing rates by as much as 0.30%.
The adjustment, effective from 9am on Wednesday, 11th October, follows last month’s base rate announcement by the Bank of England.
The rate reductions span various mortgage offerings, from 2-year fixed to 5-year fixed products, with differences in product fees.
The 2-year fixed mortgage, with a 75% maximum loan-to-value (LTV) and a £995 product fee, will now offer a 6.90% rate, a decrease of 0.20%. Similarly, the 5-year fixed mortgage, with the same LTV and fee, will drop to a 6.40% rate, down by 0.30%.
Emma Graham (pictured), business development director at Hodge, said: “Thanks to the base rate announcement last month and the markets settling as a result, we are really pleased that we can implement these rate reductions across our 50+ mortgage product range.”
These adjustments also come soon after Hodge made enhancements to its later-life mortgage criteria.
These include reduced stress tests for pound-for-pound remortgages, increased income multiples on purchase and remortgage, and decreased living costs in the wake of the energy price cap alterations.
Graham elaborated on how these changes would impact brokers and their clients: “These criteria changes have all been made to help brokers and their customers manage affordability, which we know is an issue for many at the moment.”
She added: “In adding to that with these latest rate reductions, we really feel that we are doing all we can to support our intermediary partners navigate these tricky economic times and help their clients in those moments that matter.”
