Hodge has launched two five-year fixed deals to its 50+ and retirement interest-only (RIO) mortgages.
These are both available at 60% loan to value (LTV) and each product has a £995 fee.
The option for 50+ borrowers has a rate of 5.32%, while the RIO product is priced at 5.57%.
This week, data from UK Finance showed that the number of RIO mortgages advanced in Q2 had increased by 23% year-on-year to a total of 326. The value of this lending increased by 15.4% to £30m.
Emma Graham (pictured), business development director at Hodge, said of its new 50+ and RIO products: “It has been a busy few weeks at Hodge as we have been launching new products and introducing lower rates across our mortgage propositions.
“These latest products have been introduced as we have been finding an increased demand for lower-LTV options. To ensure we provide the same level of solutions to our existing customers, we are also adding the 60% option to our retention range.”
Graham added: “I know we talk about this a lot at Hodge, but as a business our aim is to be as adaptable as possible. Adding more options to help our intermediaries and their customers get the right financial outcome is what we’re all about. We believe these new, lower-LTV products will help them achieve that.”
The launches come after Hodge announced a rebrand of its professional mortgage range, now called Hodge Resi. The lender updated the offering to include more professions, consider complex income and allow borrowing from the age of 21 up to an applicant’s chosen retirement age.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
