Hodge Bank to increases broker fees & reduces rates
Hodge is updating its broker commission structure, increasing procuration fees from 0.45% to 0.55% on its Hodge Resi products.
This adjustment aligns procuration fees across its entire residential proposition including the Hodge Resi, the Hodge Resi Retire, RIO and Holiday Buy-To-Let.
Last year, Hodge increased retention procuration fees to 0.30%, further demonstrating the bank’s commitment to compensating brokers fairly across its product range, at a time when independent financial advice has arguably never been so important for customers.
These changes reflect Hodge’s continued commitment to the intermediary mortgage market.
In addition to the increase in procuration fees, Hodge is introducing selective rate reductions of up to 0.27% across its products, including the Hodge Resi, the Hodge Resi Retire, and Holiday Buy-to-Let.
These changes are aimed at providing improved value and flexibility for both brokers and customers.
Hodge’s 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, continue to broaden access to lending solutions.
From a service perspective Hodge has also implemented the Automated Valuation Model (AVM) for select cases which is having a positive impact on its speed to offer making for greater efficiencies through the mortgage journey.
Emma Graham, business development director at Hodge, commented on the changes: “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.”