It’s good news for people over 50 and those approaching retirement, as Hodge has cut interest rates on its mortgage products for the second time this month!
This means you could save money on your monthly mortgage payments, putting more cash in your pocket.
What’s Changed?
Hodge has lowered rates on a range of two and five-year fixed rate mortgages, both for new and existing customers.
Here’s a quick breakdown of some of the biggest cuts:
- 50+ Range:
- A fee-free two-year fixed rate with a 75% Loan-to-Value (LTV) has dropped from 6.7% to 6.37%, saving you a whopping 0.33 percentage points!
- A fee-free two-year fixed rate with an 85% LTV has fallen from 7% to 6.85%, a saving of 0.15 percentage points.
- Retirement Interest-Only (RIO) Products:
- A two-year fixed rate with a 75% LTV and a £995 fee has gone down from 6.75% to 6.55%, saving you 0.2 percentage points.
- A fee-free two-year fixed rate with a 75% LTV has dropped from 6.9% to 6.7%, another saving of 0.2 percentage points.
What Does This Mean for You?
These rate cuts mean you might be able to secure a better deal on your mortgage, potentially saving you money every month.
Emma Graham, Hodge’s business development director, says that these rate cuts are a sign of the market stabilising. This means that we might see more frequent changes to mortgage rates in the future.
What Should You Do?
If you’re over 50 and thinking about a mortgage, or if you’ve got a mortgage with Hodge, it’s a good idea to speak to your mortgage advisor or contact Hodge directly. They can explain what these changes mean for you and help you find the best mortgage deal.
You could save a lot of money in the long run by taking advantage of these lower rates!