Additionally, Hodge also revealed that it has introduced a variable rate product which will have a rate of 3.25% over the Bank of England base rate, offering an alternative to their five-year fixed-rate loan.
Mike Clifford, head of commercial propositions at Hodge, said: “Here at Hodge, we’re always keen to add to the flexibility of our products and develop them in line with what landlords and brokers are telling us.
“Our recent research into the market found that flexibility is key for landlords and brokers, with 40% of landlords saying that finding the correct mortgage is frustrating. We’ve listened to these concerns, and come up with some changes to our product range that will give landlords greater choice in how they shape their lending; making managing their property portfolios more straightforward.”
Mike concludes: “In particular, the variable rate PBTL option will give landlords the option to select a rate that will reduce their early repayment charges significantly in the early years of the loan, while the fixed-rate option offers certainty over their interest costs – allowing them to select products that are right for them, depending on what their investment strategy is.”
