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Hodge opens portfolio buy-to-let to whole of broker market

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  • 15/07/2019
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Hodge opens portfolio buy-to-let to whole of broker market
Hodge has extended its portfolio buy-to-let offering to the whole of the broker market after receiving more than £150m of enquiries since launching in May.

 

The lender’s proposition offers one loan to manage an entire residential property portfolio with a minimum loan size of £250,000 and maximum loan term of 25 years.

It is available to UK registered limited companies and limited liability partnership (LLP) structures and comes with an initial five-year fixed rate from 4.2 per cent.

Once the five-year term is over, the loan switches to the Hodge Standard Variable Rate as with residential mortgages.

Hodge said it had deliberately created the product for acquisitive landlords seeking to grow their established portfolio, trade assets, or utilise their portfolio equity to support new purchases.

It added that after launching in May through limited distribution, the level of interest and volume of queries had been such that it decided to extend to whole of market

 

Appetite from landlords

Matt Burton, managing director of mortgages at Hodge, said the decision to make the product available through intermediary networks was in response to the incredible number of enquiries received since 8 May.

“With such appetite from landlords, and due to our commitment in supporting advisers, we’re delighted to be offering this product to whole of market and taking great strides towards extending our product offering,” he said.

Legal & General Mortgage Club head of lender relationships Danny Belton said: “Hodge has shown before it’s not afraid to enter into new markets and done so with a good degree of success.

“This new buy-to-let offering looks to be no exception. It’s a proposition that offers much-needed criteria to certain areas of this market and will add value to landlords and advisers alike.”

 

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