Hodge updates portfolio BTL range

Hodge has increased the LTVs across its portfolio BTL range, as well as introduced a new variable rate option.

The lender now offers standard portfolio BTL facilities at 75% LTV, while the LTV for MUFBs for up to 15 units was upped to 70%.

Both products feature loans up to £5m for portfolios between four and 15 properties, on a 10-year maximum loan term.

Meanwhile, the new variable rate option, available at 3.25% over Bank of England’s base rate for both standard portfolio and MUFBs, was launched as an alternative to the lender’s five-year fixed-rate product.

Hodge’s portfolio BTL loan is designed for landlords with four or more properties, looking for a loan which covers them all.

Mike Clifford, head of commercial propositions at Hodge (pictured above), said: “Here at Hodge, we’re always keen to add to the flexibility of our products and develop them in line with what landlords and brokers are telling us.

“Our recent research into the market found that flexibility is key for landlords and brokers, with 40% of landlords saying that finding the correct mortgage is frustrating. 

“We’ve listened to these concerns, and come up with some changes to our product range that will give landlords greater choice in how they shape their lending; making managing their property portfolios more straightforward.”

“In particular, the variable rate portfolio BTL option will give landlords the option to select a rate that will reduce their early repayment charges significantly in the early years of the loan, while the fixed rate option offers certainty over their interest costs – allowing them to select products that are right for them, depending on what their investment strategy is.”

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