This is a change to its previous criteria of applying tiered LTI caps linked to loan-to-value (LTV) bands. Hodge will no longer apply LTI caps for sole or joint borrowers with a minimum income of £40,000.
Emma Graham, business development director at Hodge Bank, said: “We know that many customers with strong and sustainable incomes can be constrained by rigid loan-to-income caps, despite demonstrating excellent affordability.
“By removing LTI caps for customers earning £40,000 or more, we’re giving our experienced underwriters greater flexibility to assess each application on its own merits.”
She added: “As a specialist lender, this enhancement reflects our commitment to supporting borrowers whose circumstances may not fit a standardised approach and ensuring affordability remains at the heart of every decision.”
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The Tipton updates range and cuts rates
The Tipton and Coseley Building Society has added deals to its mortgage range and cut selected rates by up to 0.14%.
The newly added products include fixed and variable rates, which the mutual said would give borrowers more choice.
Across the Tipton’s expat buy-to-let (BTL) mortgages, rates start from 5.44% for a two-year discount product at 80% LTV.
Across its fixed rate alternatives, there is a five-year fix priced at 5.68% and a three-year fix at 5.98%, both at 80% LTV.
For limited company BTL purchases, there is a two-year fix at 80% LTV with a rate of 5.55%. This sits alongside three- and five-year fixed rate options, open to applicants who live in the UK and expats.
The Tipton has also expanded its Credit Plus offering, with the two-year discount rate at 80% LTV now from 5.49%. Meanwhile, the two-year fixed rate has been cut from 6.09% to 6.04%.
These mortgages are open to borrowers with minor credit issues who do not fit the standard lending policy.
Other rate changes include its three-year fixed retirement interest-only (RIO) product at 60% LTV, which has gone down from 6.04% to 5.9%, while a similar rate change has been made to its later life purchase product at 70% LTV.
Across its standard residential purchase products, the fee-free three-year fix at 90% LTV has been cut by 0.11% to 5.99%.
Andy Millard, head of intermediary distribution at the Tipton, said: “There’s a renewed sense of energy within the market and it’s important for us to maintain a competitive position, especially within those segments where our society has proven expertise.
“We’ve made notable improvements across much of our mortgage range, so brokers can present more options to their clients and help them in achieving their goals.”
Virgin Money trims rates
Virgin Money has reduced selected rates, with changes going live on 1 July.
Across its purchase offering, two-year fixed rates will be reduced by up to 0.15%, five-year fixed by as much as 0.1% and 10-year fixes up to 0.2%. Meanwhile, shared ownership fixed rates will be cut by up to 0.1%.
Within its product transfer range, selected two-year fixed rates will be cut by up to 0.14%, selected three-year fixed rates by up to 0.06%, and selected five-year fixed rates by up to 0.07%.
Elsewhere, selected BTL product transfer rates will be cut by up to 0.15%, applying to two-, three- and five-year fixes.
Principality cuts PT pricing
Principality Building Society has lowered its product transfer rates for residential and BTL borrowers.
Changes apply to selected two-, three- and five-year fixed product transfer rates from 65% to 90% LTV, with rate cuts of up to 0.25%.
Meanwhile, residential discount rates have been cut by up to 0.25% and selected tracker rates by as much as 0.1%.
Across its shared ownership product transfer rates, the two-year fix at 95% LTV has been lowered by 0.2% and the five-year fix at the same tier by 0.1%.
For BTL borrowers, Principality Building Society has reduced certain fixed and discount rates by as much as 0.25% and holiday let rates by up to 0.25%.
