Hodge reduces rates on its Professional Mortgage again
Hodge has reduced rates across its 2-year fixed Professional Mortgage products.
The specialist lender first launched its Professional Mortgage product in December and has already dropped its rates across the whole range – on both 2-year and 5-year fixed terms.
Now, a further rate reduction across the 2-year fixed product demonstrates how the bank is listening to its intermediary partners about what is needed in the market.
The new rates, as of Wednesday 15 February, are:
|Range||Product||Max LTV||Product Fee||Current rate||New rate|
|Professional||2 year fixed||80%||£995||6.20%||5.80%|
|Professional||2 year fixed (fee free)||80%||£0||6.35%||5.95%|
|Professional||2 year fixed||90%||£995||6.35%||5.85%|
|Professional||2 year fixed (fee free)||90%||£0||6.50%||6.00%|
This rate reduction also comes after Hodge research found that the average Loan to Income (LTI) for its Professional Mortgage products since launch is 4.4 times earnings. Hodge allows customers taking out its Professional Mortgage to potentially borrow up to six times their earnings, which is more than most lenders.
Emma Graham, business development director at Hodge, said: “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.”