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’re increasing income multiples across our later life products
We’re introducing significant criteria enhancements to our later life mortgage products, supporting your customers when it comes to affordability.
We will be…
- Increasing income multiples across our 50+ and RIO from 4.49 up to 5 times income on an interest only basis, and from 4.49 up to 5.5 times on a repayment basis
- Reducing the stress rate for pound for pound remortgages
- Reducing living costs to reflect the reduction in the energy cap from 1st October
- Accepting a life insurance policy to support affordability under the death stress test.
Curious to find out more about our criteria? Our criteria is here
We’re reducing rates across our 50+ range by up to 0.30%
From 9am on Wednesday 11th October, new business rates will reduce across our 50+ range by up to 0.30% and retention products are following suit.
What’s changing for new business?
- New rates on our 50+ products start from 6.20% on our 5 year fixed
- New rates on our Holiday Let products start from 7.45% on our 5 year fixed
Thanks to the base rate announcement last month and the markets settling as a result, we’re really pleased we can implement these changes. From Wednesday, you’ll be able to browse the full list of reduced rates on the Hodge website.
Last but certainly not least, keep your eyes peeled for even more ways we’re looking to support you and your clients in the moments that matter.
Reduced new business rates live from 9am on 11th October
From Monday 16th October, retention rates will reduce.
What’s changing for retention?
- New rates on our 50+ products start from 6.15% on our 5 year fixed
- New rates on our Holiday Let products start from 6.95% on our 5 year fixed
Got a case with a story? Find your BDM team
Providing you with responsible, specialist mortgages remains at the forefront of our decisions.
Not registered with us yet? Make it simple: Register here to submit DiPs, track your cases and upload documents.
For up to date details of all our rates and criteria visit our intermediary site.If you want to know more about re-fixing rates for your customers, it’s here.