Hodge has announced the extension of its early repayment promise (ERP) feature across all residential mortgage products.
The group indicated the change would give customers the freedom to sell their property without incurring any early repayment charges.
Hodge also revealed it has offered versions of the ERP feature on its fixed-for-life retirement interest only (RIO) mortgage, as well as its recently launched holiday let products – additions that the group suggested would be ‘welcomed by mortgage intermediaries.’
Hodge managing director of mortgages, Matt Burton, said: “We pride ourselves on our flexibility, both in the criteria customers have to meet and the products that we offer, so it’s a logical next step to introduce the ERP across all mortgage products.
“For instance, our ERP enables a holiday let mortgage customer to dip their toe into the holiday let market, judge the rental yields, and decide whether or not to stick or sell without incurring any early repayment charges.”
Hodge announced the ERP will be applicable for all customers who want to sell a property during the term of their mortgage and redeem the mortgage loan in full.
Burton added: “ERPs, or downsizing guarantees as they are also called, are attractive and very popular in the equity release market, so we saw no reason not to extend this attractive proposition to the rest of our products. We believe this added flexibility will be really attractive to customers looking for a 50+, RIO or our new holiday let mortgages.”
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