The changes will come into force from tomorrow and have been applied to deals between 80 and 90 per cent loan to value (LTV). Cuts have been applied to fee and fee-free versions.
Its professional two-year fixed rate with £995 fee at 80 per cent LTV will fall from 5.8 per cent to 5.5 per cent, whilst its five-year fixed rate will decrease from 6.25 per cent to 5.7 per cent.
The lender’s fee-free two-year fixed rate at the same LTV tier will go down from 5.95 per cent to 5.65 per cent, and the five-year fixed rate version will decrease by 0.55 per cent to 5.85 per cent.
At 90 per cent LTV its two-year fixed rate with £995 fee will go down by 0.3 per cent to 55 per cent and its five-fixed rate will fall by 0.65 per cent to 5.75 per cent.
The lender’s two-year fixed rate fee-free version at 90 per cent LTV will contract by 0.3 per cent to 5.7 per cent, whilst its fee-free five-year fixed rate will decrease by 0.65 per cent to 6.55 per cent.
Emma Graham (pictured), business development director at Hodge, said: “It’s an absolute delight to be able to cut rates further on a product which has been so warmly welcomed by our highly valued customers, and continues to help us flex and grow in the way we are able to support them regardless of how their income may be structured.
“We’ve continually made changes to our professional mortgage range since it first launched in response to the positive feedback we’ve received, and it’s been wonderfully rewarding to see this new form of lending for Hodge fit into the market so well, in what is a relatively short space of time.”
She added: “We’re really thrilled, therefore, to be announcing this latest reduction in rates as one of the many ways we continue working hard to support professionals who might otherwise find themselves excluded by high street lenders not willing to properly assess or manage the complex income streams associated with the kinds of jobs they do.”
