Hodge has innovatively rebranded its 50+ mortgage products, now known as Resi Retire, and eliminated the previous age restriction of 50 years.
- This strategic rebranding aims to expand the accessibility of its mortgage offerings to a broader age demographic, starting from 21 years old.
- By redefining its products, Hodge is responding to the evolving needs of customers, focusing on goals rather than age.
- The introduction of 60% loan-to-value products is part of Hodge’s strategy to improve affordability and flexibility for younger borrowers.
- Hodge has adjusted its Hodge Resi product rates, aiming to provide enhanced options for intermediaries dealing with high-value cases.
Hodge has taken a significant step by rebranding its 50+ mortgage products to ‘Resi Retire,’ strategically removing the age barrier that previously restricted borrowers under the age of 50. This change reflects Hodge’s commitment to inclusivity and adaptability in the lending market, recognising the diverse financial needs of individuals as young as 21.
In an effort to make its offerings more accessible, this rebranding not only eliminates the minimum age requirement but also aligns with Hodge’s broader strategy to cater to clients with complex income streams. By introducing products that accommodate from age 21 up to retirement, Hodge places emphasis on the financial goals and aspirations of their clients, shifting away from the traditional age-based lending model.
To further support this inclusive initiative, Hodge has introduced 60% loan-to-value (LTV) products, which are designed to provide increased flexibility and affordability to borrowers. Such offerings are crucial in enabling younger generations to step into the property market with favourable conditions.
Moreover, adjustments in the Hodge Resi product line include reductions in selected rates, as well as the introduction of higher fee and lower rate products. For example, the Hodge Resi 2-year fixed product at 75% LTV now has a reduced rate of 5.79%, down from 6.15%, alongside a fee of £995. Similarly, the 5-year fixed rate has dropped to 5.59% from 5.75%. These modifications are particularly beneficial for intermediaries managing high-value mortgage cases.
Emma Graham, Business Development Director at Hodge, has expressed that the company’s ongoing mission is to listen and adapt to the needs of their intermediary partners and end customers. She emphasises that the new Hodge Resi and Resi Retire products signify a fundamental shift in the company’s approach, focusing on customer goals over age. Her statement reinforces Hodge’s dedication to providing practical and impactful lending solutions.
This rebranding marks a pivotal shift in Hodge’s offerings, signifying a forward-thinking approach to later life lending.
