At Hodge, we’re used to leading the way in the later-life lending market, and we know listening to our customers is the best way to do that. So, we asked for feedback from our customers and advisors – and have made some drastic changes to our Downsizing range as a result.

From 24^th June, our Downsizing product range will benefit from the following features:

• Unique-to-the-market Downsizing Protection – from day one. We know that the most common reason customers repay their mortgages is because they sell up – so we created the ability to do this, penalty-free, after five years. Now, we’ve made this even more flexible, allowing downsizing from day one
• Eight-year fixed ERCs – Our customers can now choose between variable early repayment charges or fixing them for eight years, giving them simplicity, flexibility, transparency
• Fee-free – We’re continuing our policy of scrapping application fees. Our customers can now opt for a fee-free version of the product, with a slightly enhanced interest rate
• Extended LTVs – Enhanced LTVs give more people more choice, and it’s something we’re committed to.

We’ve introduced these changes because we’re committed to continuous improvement – and we’re not afraid to develop fresh approaches to established products.

As an added bonus our Hodge Lifetime Mortgages have received a Five Star Equity Release Rating from Moneyfacts as a result of these changes, something we couldn’t be more pleased about.

Hodge’s managing director of mortgages, Matt Burton, said: “The changes we’re making are in direct response to feedback we’ve had from customers and advisers and will give customers far more flexibility, something we think is essential for mature borrowers.

“By combining Downsizing Protection from day one (something nobody else is doing), with eight-year fixed ERCs, fee-free options, higher LTV limits and discounted surveys, we’re evolving our product range to suit the rapidly changing face of retirement.”