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
Hodge Reduce Rates across 50+, RIO and Holiday Let
Great news! from today (26 October), we’re reducing rates on lots of our mortgages!
The changes include:
- Reducing 50+ Mortgage 50% LTV and 60% LTV rates by 0.30%
- Reducing RIO Mortgage 50% LTV rates by 0.20%
- Reducing HBTL Mortgage 75% LTV rates by 0.10%
- Consider earned income, both employed and self-employed, up to a maximum age of 80
- Look at both pre and post retirement income, there’s no upper age limit if the mortgage is affordable on pension income
- Can lend up to six times income on a like-for-like remortgage
- Lend from age 50 with a maximum term of 41 years for 50+ with no end date for RIO
- Only one client needs to be aged 50, we can look at a second applicant under 50 in this instance
- Don’t require a minimum income
- Allow 90 days personal occupancy
- Accept first time landlords and Air B&B with up to 3 properties considered
- Lend from aged 21 to age 95
- Enhanced rental calculation for 5 year fixed
- Non-owner occupiers considered
Don’t forget, your customers still have the option of an annual 10% overpayment facility across our entire range as well as the flexibility of our Early Repayment Promise, where they can sell-up and repay in full without early repayment charges, for added peace of mind. They also have a choice of interest only or repayment for 50+ and Holiday Let.
Emma Graham, Director of Business Development at Hodge said: As a specialist lender in a highly competitive market-place we’re delighted to launch these lower rates across both our later life and holiday let propositions. These reductions in parallel with our common-sense approach to lending and our underwriters willingness to assess cases on their own merits means we can now support more of your customers with their lending needs.
Whether your looking for a mainstream mortgage for your over 50s clients, a RIO as a great alternative to equity release or a flexible and innovative holiday let mortgage, we can help.