Hodge Bank has announced rate reductions across selected Resi Retire and RIO products, alongside enhancements to its loan-to-income (LTI) criteria.
Hodge has updated its LTI calculations across the Resi, Resi Retirement and RIO ranges, allowing borrowers with incomes above £40,000 to lend up to six times their income.
Hodge has also reduced rates by up to 0.22% across its Resi Retire range and by up to 0.15% across its RIO range. Within its Resi Retirement range, two-year fixed rates have fallen by up to 0.12%, while five-year rates have reduced by up to 0.22% at 60% and 75% LTV.
In addition, the lender has reintroduced its 60% LTV £995 fee products, offering a lower-fee option for customers seeking greater flexibility.
These changes follow a number of recent criteria enhancements including lending up to 95% LTV and interest-only up to 80% LTV.
Emma Graham, business development director at Hodge Bank, said: “This update enables us to support more customers as they plan their finances. It also expands opportunities for older first-time and second-time buyers, as well as those releasing equity to meet a wide range of needs.”
