Here is the latest update from the Hodge Bank. You can access their full product set, including equity release via our mortgage club as well as some packaged mortgage options too.
Latest Announcement from Hodge Bank
We’ve reduced our affordability stress rate across our Resi, Resi Retire and RIO product ranges to support more customers onto the property ladder
What’s changing?
As we’re in a rate reducing environment, we’ve reduced our affordability stress testing and eased the calculations to help more borrowers achieve their mortgage aspirations.
How will that help your clients?
The change will unlock nearly 20% more borrowing potential for our average customer.
For example…
A joint application with an income of 45k could borrow just over 38k more which is a 17% increase. This rises to nearly 20% for customers with an income of 75k.
More details about the changes can be found in the attached update – feel free to cascade within your networks and share across your platforms.
If you need any further information or would like to discuss how we can help your clients from age 21 up to and into retirement, please get in touch with the team.