The reductions to the 50+ and RIO ranges have been applied to two- and five-year fixed rates and will be available for new and existing customers.
The lender’s 50+ two-year fixed rate at 75% loan to value (LTV) with a £1,995 fee will fall from 6.05% to 5.95%, and its £1,495 fee equivalent will fall by 0.1% to 6.05%.
Its two-year fixed rates at 75% LTV with a £995 fee and no fee will be priced at 6.2% and 6.37% respectively.
Going up to 85% LTV in its 50+ range, its £995 fee deal will be priced at 6.65%, while its fee-free range will come to 6.85%.
The lender’s 50+ five-year fixed rate at 75% LTV with a £995 fee will go down by 0.15% to 5.8%.
Its two-year fixed RIO rate with a £995 fee will decrease by 0.2% to 6.55%, while its fee-free option will decrease from 6.9% to 6.7%.
The lender’s five-year fixed RIO rate with a £995 fee will fall from 5.99% to 5.88%.
Emma Graham (pictured), business development director at Hodge, said: “We are thrilled to reduce rates further across many of our RIO and 50+ mortgage products. This rate reduction is another sign of stabilisation of the market, enabling us to implement changes more frequently.
“By making two rate reductions in less than a month, we are hoping this will instil even more confidence in the market and encourage our intermediary partners to access Hodge’s flexible, market-leading mortgage solutions.”
Emma added: “We pride ourselves on our personal service and ‘open door’ policy and believe that these rate reductions demonstrate our commitment to maintaining the best customer service and products available.”
Hodge has also recently changed criteria for its 50+ and RIO mortgage deals to help more customers with “diverse income streams” borrow into retirement.
This includes accepting 100% of non-contractual income streams in its 50+ range, improved fixed-term contractors’ affordability, no minimum income requirements for experienced contractors and increasing the accepted gap between contracts.
