Hodge cuts rates by up to 40bps – Mortgage Strategy
Hodge has lowered the rate on its retirement interest only (RIO), 50-plus and holiday let mortgage products by up to 0.40%.
The latest rate cut marks the third across its range since the start of the year. made a third rate drop across its range of mortgage products since the start of 2023.
Hodge has also cut rates on its retention range by up to 0.40%. The lender says this is to support existing customers, following a similar reduction on its professional mortgage last month.
The 50-plus two-year fixed mortgage at 75% loan-to-value (LTV) with a fee of £995 has a new rate of 5.85% from 6.10%, while the 50-plus five-year fixed ar 85% LTV with no fee has been reduced by 0.25% from 6.50% to 6.25%.
The RIO two-year fixed 75% LTV with a fee of £995 has been lowered by 0.25% from 6.30% to 6.05% while the fee-free five-year fixed at 75% LTV has also been reduced by 0.25% to 6.25%.
The holiday buy-to-let (HBTL) two-year fixed at 60% LTV with a fee of £995 now has a rate of 6.15% from 6.55% while the fee-free five-year fixed at 65% has a rate of 6.55%, down from 6.95%.
Hodge business development director Emma Graham says: “What a start to 2023 we’ve had so far with three rate drops across our products.”
“Reducing the retention rates on our products is also a great way that we feel we can reward both our loyal broker and IFA partners, and their clients who choose to stay with us.”