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Hodge has lowered interest rates on its two-year fixed Professional Mortgage product.
The specialty lender first launched its Professional Mortgage product in December and has already reduced interest rates across the entire range for both 2- and 5-year fixed terms.
Now, further rate cuts on 2-year fixed products show that banks are listening to their intermediation partners about what the market needs.
NEW PRICES WEDNESDAY FEBRUARY 15THththat is:
range |
product |
Maximum LTV |
commodity fee |
current rate |
new price |
Professional |
2 years fixed |
80% |
£995 |
6.20% |
5.80% |
Professional |
Fixed for 2 years (no fees) |
80% |
£0 |
6.35% |
5.95% |
Professional |
2 years fixed |
90% |
£995 |
6.35% |
5.85% |
Professional |
Fixed for 2 years (no fees) |
90% |
£0 |
6.50% |
6.00% |
The rate cut comes after Hodge research found that the average loan-to-income (LTI) for professional mortgage products since launch is 4.4 times earnings. Hodge allows customers with Professional Mortgage to borrow up to six times their earnings. This is more than most lenders.
Emma Graham, Director of Business Development at Hodge, said: market since its launch.
“The LTI figures are also noteworthy because they show that people are using the product for what it was designed for and perceiving the benefits of expanding LTI parameters and a flexible approach to income. .”
Emma added: Shows utilizing her LTI for this product and up to 90% of her LTV. “