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
Once, twice, three times for rate reductions
From 9am on Wednesday 22nd November, new business rates will reduce across our 50+, RIO, Holiday Let and Professional Mortgage ranges with retention products following suit.
What’s changing for new business?
- Reduction of all 50+ rates by 0.20%
- Reduction on our 2-year RIO rates by 0.05% and 0.15% for 5-year rates
- Reduction of all Holiday BTL rates by 0.50%
- Reduction on our 2-year Professional Mortgage rates by 0.20% and 0.10% for 5-year rates.
We’re working tirelessly behind the scenes to support both you and your customers in the moments that matter.
One more piece of good news: we know affordability can be a challenge for you and your customers.
From Wednesday 22nd November, retention rates will reduce.
What’s changing for retention?
- New rates on our 50+ products start from 5.95% on our 5-year fixed
- New rates for our RIO products starting at 6.15% on our 5-year fixed
- New rates on our Holiday Let products start from 6.75% on our 5-year fixed
- New rates for our Professional Mortgage products starting at 6.40% on our 5-year fixed.
Providing you with responsible, specialist mortgages is the most important thing for us.
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, everything you need is here.
We’ve enhanced our criteria for later life products
We’ve introduced significant criteria enhancements to our later life mortgage products, supporting your customers when it comes to affordability.
We’ve…
- Increased 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
- Reduced the stress rate for pound for pound remortgages
- Reduced living costs to reflect the reduction in the energy cap from 1st October
- Started to accept a life insurance policy to support affordability under the death stress test
Curious to find out more about our criteria? Our criteria is here.