Hodge increases broker proc fees and reduces product rates

Hodge is updating its broker commission structure, increasing procuration fees from 0.45% to 0.55% on its Hodge Resi products.

The adjustment aligns procuration fees across its entire residential proposition including the Hodge Resi, the Hodge Resi Retire, RIO and holiday buy-to-let products.

The move follows Hodge increasing its retention procuration fees to 0.30% last year.

In addition to the increase in procuration fees, Hodge is introducing rate reductions of up to 0.27% across its products, including Hodge Resi, Hodge Resi Retire, and holiday let.

The rate cuts follow recent product enhancements, including expanded criteria for foreign nationals, increased loan-to-income (LTI) ratios, and the removal of the minimum age of 50 for certain products.

From a service perspective Hodge has also implemented automated valuation models (AVM) for select cases.

Emma Graham (pictured), business development director at Hodge, commented: "These updates reflect our ongoing commitment to you, our intermediary partners. By increasing procuration fees and aligning our fee schedule, we’re recognising the complexity found in all customer types, rewarding brokers equally across our product range.

"The enhancements to our products and processes are an important part of this strategy, as we strive to make our proposition accessible to a broader range of customers.”