Clydesdale Bank will lower selected core residential, exclusive remortgage, exclusive large loan and core buy-to-let (BTL) deals from 19 July.
In Clydesdale’s core residential range, selected two- and five-year fixed rates will be reduced by up to 0.28%.
On the exclusive remortgage side, selected two- and five-year fixed rates will be cut by up to 0.07%.
In its exclusive large loan range, selected two- and five-year fixed rates will fall by up to 0.22% and new two- and five-year fixed rates at 80% loan to value (LTV) will begin from 4.95%.
Within its core BTL products, selected two- and five-year fixed rates will decrease by up to 0.14%.
The lender recently changed its standard variable rate (SVR) and upped its large loan size.
Hodge enhances 50+ and retirement interest-only criteria
Hodge is changing the criteria for its 50+ and retirement interest-only (RIO) mortgage products to “help more customers with diverse income streams borrow into retirement”.
In its 50+ range, the lender will accept 100% of non-contractual income streams including commission, bonus and overtime and one year’s trading accounts or the latest years where customers have been trading for over two years regardless of LTV.
The firm will assess affordability for fixed-term contractors on 48 weeks’ pay, a rise from 46.
There are no minimum income requirements for experienced contractors and the accepted gap between contracts has been upped from six weeks to three months.
Retained profits and a day-one day rate will also be accepted for 50+ and RIO applications.
Emma Graham, business development director at Hodge, said: ““Hodge has been steadily developing its range of lending products over a number of years to help give more professionals with less conventional earning patterns enhanced borrowing power. This is not always possible on the high street.
“We have been assessing cases where diverse and variable income streams are involved for some time and have built a strong reputation as a market leader in specialist lending.”
She added: “Underpinning this are our highly experienced underwriters who manually underwrite applications, with each case being assessed on its own merits.”
Rob Ford, head of mortgage origination, said: “What we know from all of our work to date is, in the current economic climate, many more people are not only earning their living in a variety of different ways, but borrowing well into retirement too.
“Taking the step to support borrowers with diverse income streams who are aged 50 and above, and broadening the range of borrowing options available to them into later life, is the logical next step for Hodge.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
