For instance, its five-year fixed rate at 75 per cent LTV with £995 fee has decreased by 0.3 per cent to 6.4 per cent and its fee-free version has contracted by 0.3 per cent to 6.55 per cent.
Its five-year fixed rate at 75 per cent LTV with £1,495 fee has fallen from 6.6 per cent to 6.3 per cent and its version with £1,995 fee product has gone down from 6.5 per cent to 6.2 per cent.
The lender’s five-year fixed rate at 85 per cent LTV with £995 fee has decreased from 6.9 per cent to 6.6 per cent and its fee-free version has gone down from 7.05 per cent to 6.75 per cent.
Emma Graham, business development director at Hodge, said: “Thanks to the base rate announcement last month and the markets settling as a result, we are really pleased that we can implement these rate reductions across our 50 plus mortgage product range.
“These rate reductions come hot off the heels of criteria enhancements for our later life products too, including reducing the stress test for pound for pound remortgages, increasing income multiples on purchase and remortgage, and a reduction in living costs in light of the changes to the energy price cap.”
Graham continued: “These criteria changes have all been made to help brokers and their customers manage affordability, which we know is an issue for many at the moment.
“In adding to that with these latest rate reductions, we really feel that we are doing all we can to support our intermediary partners navigate these tricky economic times and help their clients in those moments that matter.”
MPowered Mortgages cuts three-year fixed rates
Fintech mortgage lender has reduced three-year fixed rates across its purchase and remortgage ranges.
Three-year fixed purchase rates begin from 5.29 per cent with a £1,999 arrangement fee, and 5.39 per cent for a £999 arrangement fee, rates start from 5.39 per cent and come with a £500 cashback for any borrowing over £200,000.
For customers remortgaging, rates are priced from 5.3 per cent with a £1,999 fee, 5.4 per cent at £999 and come with a £1,000 cashback for anyone borrowing over £200,000.
Matt Surridge, director of sales at MPowered Mortgages, said: “At MPowered, we are looking to try and pass on rates reductions at every opportunity to our customers.
“In a market where choices can be difficult for brokers and their customers at present choosing between a short-term fixed rate and the security of a longer-term fixed. MPowered is pleased to offer a new lower three-year fixed range in what is proving an increasingly popular alternative that seeks to offer the best of both worlds.”
He added: “MPowered is a broker-only lender and we know that borrowers get the best advice going through brokers which is why we urge borrowers to seek independent professional advice in order to ensure they understand the products on offer and how they match up to their requirements.”
