Hodge launches short-term specialist residential rates
A new five-year fixed rate has also been launched in Hodge's specialised residential investment range.
"The overwhelming feedback was that a short-term fixed product was needed - so that’s what we have worked to quickly develop, to be offered alongside the five-year fixed rate offering."
Hodge has introduced two short-term fixed rates to its specialised residential investment (SRI) finance range, along with a new five-year fixed rate of 6.25% and a longer term variable rate option.
The SRI is designed to help landlords and investors with portfolios of four or more properties including houses, flats, MUBs, HMOs and semi commercial properties. Hodge’s team of residential investment experts specialise in working with landlords to deliver structured bespoke loans that work best across varied property portfolios.
After taking feedback from clients and brokers, who said in the current climate there was an appetite for shorter fixed term deals, the bank has also launched two new short term fixed rates on the SRI product, with a two-year fixed rate of 5.85%, a three-year fixed rate of 5.99% and a variable rate option at 3.25%/BoE base rate.
Gareth Davies, head of business development for commercial lending at Hodge, said: “It’s been a tumultuous time in the commercial and residential property markets, so we’ve been talking with our clients and brokers about what they are currently looking for in a residential investment product and how we can best support them.
“The overwhelming feedback was that a short-term fixed product was needed - so that’s what we have worked to quickly develop, to be offered alongside the five-year fixed rate offering. We hope the introduction of the new SRI rate options will provide brokers and clients with additional flexibility to support them in achieving their business goals.”
