Hodge has taken a bold step by rebranding its 50+ mortgage products to Resi Retire and removing the age restriction of 50 years. This initiative aims to make mortgages more accessible, catering to individuals aged 21 and above, redefining lending based on customer objectives rather than age.
- Hodge has rebranded its 50+ mortgage products to Resi Retire and removed the minimum age requirement.
- This move aims to make the products accessible to those aged 21 and over with complex income streams.
- The lender introduced a 60% loan-to-value (LTV) offering, alongside reduced rates and flexible product options.
- Hodge’s approach is to redefine lending based on customer goals, moving away from age-based criteria.
Hodge has strategically rebranded its mortgage products previously known as the 50+ range to Resi Retire, effectively abolishing the minimum age requirement of 50 years. In a forward-thinking move, this decision seeks to broaden the accessibility of its financial solutions, targeting individuals as young as 21 who have intricate income profiles. The shift aligns with Hodge’s efforts to adapt its offerings to customer aspirations rather than age constraints.
In addition to rebranding, Hodge has further enriched its portfolio with the inclusion of a 60% loan-to-value (LTV) product. This inclusion signifies Hodge’s strategy to cater to a wider range of financial needs while simultaneously maximising affordability. By adjusting their rate structures, Hodge demonstrates a commitment to offering more varied options for intermediaries handling high-value cases.
Hodge’s revised Resi and Resi Retire mortgage products now include more competitive fixed rates. For example, the two-year fixed product at 75% LTV has seen its rate reduced to 5.79% from a previous 6.15%, coupled with a £995 fee. Similarly, the five-year fixed option has been adjusted to a rate of 5.59%, down from 5.75%, underscoring Hodge’s determination to enhance product attractiveness.
Emma Graham, the business development director at Hodge, expressed the importance of engaging with intermediary partners to ensure the development of products that genuinely benefit customers. She emphasised that the company’s approach is centred on identifying customer needs and creating solutions that align with their life goals, rather than adhering to traditional age limitations. “Our new Hodge Resi and Hodge Resi Retire products represent a big change for us here at Hodge,” said Graham, highlighting the significant shift in the company’s customer proposition.
Moreover, the unveiling of the Resi Retire range exemplifies Hodge’s ambition to challenge the norms of the later life lending market, which traditionally set age as a primary criterion. By removing the age restriction, Hodge invites a broader demographic to consider its mortgage products, thereby encouraging dialogue with brokers, independent financial advisors (IFAs) and networks to facilitate improved customer outcomes.
Hodge’s innovative rebranding and strategy exemplify a significant shift towards more inclusive and goal-oriented mortgage offerings.
