Hodge cuts rates on professional two-year fixes – Mortgage Strategy

Hodge cuts rates on professional two-year fixes – Mortgage Strategy

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Hodge has reduced rates across its two-year fixed professional mortgage products.

The two-year fixed 80% loan-to-value (LTV) with a product fee of £995 has been reduced from 6.20% to 5.80% while the fee-free two-year fixed 80% LTV has been lowered from 6.35% to 5.95%.

The two-year fixed 90% LTV with a fee of £995 has been cut from 6.35% to 5.85% while the two-year fixed fee-free 90% LTV has been reduced from 6.50% to 6.00%.

The rate reduction comes after Hodge research found that the average loan to income for its professional mortgage products since its launch is 4.4x income.

The professional mortgage product was launched in December last year.

Hodge business development director Emma Graham says: “We are so pleased that we can again cut rates on our products, and particularly our Professional Mortgage product, another of our mortgages designed to serve the underserved, which has been so widely welcomed in the market since it launched.”

“The LTI figures are also good to see, as it shows that people are using the product for what it was designed for and are seeing the benefits of our augmented LTI parameters and flexible approach to income.”

Emma added: “Our data shows that Professional Mortgage customers are looking for much greater levels of borrowing than others we currently serve, and found that the average loan for Professional customers is more than £360,000 – more than twice that of our 50+ customers – demonstrating that they are taking advantage of our LTI and also LTV of up to 90% for this product.”

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