Hodge extends portfolio buy-to-let loan to brokers
Specialist lender Hodge has extended its portfolio buy-to-let loan to the broker market.
Portfolio buy-to-let offers one loan to manage a client’s entire residential property. After launching the product in May 2019 through limited distribution Hodge said it has received huge demand.
Matt Burton, managing director of mortgages at Hodge, said: “Hodge portfolio buy-to-let was the result of extensive feedback from our customers, the decision to make this product available through intermediary networks is in response to the incredible number of enquiries we’ve received since 8 May.
“Portfolio buy-to-let offers a flexible, innovative new service to landlords from a trusted specialist lender.
“With such appetite from landlords, and due to our commitment in supporting advisers, we’re delighted to be offering this product to whole of market and taking great strides towards extending our product offering.”
The Hodge portfolio buy-to-let loan is designed to meet the needs of professional landlords with a portfolio of four or more residential properties.
The product offers landlords the flexibility to manage their portfolio as one, but with the security of fixed rates.
The product has been tailored to suit acquisitive landlords who are seeking to grow their established buy-to-let portfolio, trade their assets, or utilise their portfolio-equity to support new purchases.
The portfolio buy-to-let product has an initial 5-year fixed rate from 4.2% and is available to UK registered limited companies and LLP structures.
Once the five-year term is over, the loan switches to the Hodge standard variable rate, just like a residential mortgage. There’s a minimum loan size of £250,000 and a maximum loan term of 25 years.
Danny Belton, head of lender relationships, Legal & General Mortgage Club, added: “Hodge has shown before it’s not afraid to enter into new markets and done so with a good degree of success. This new buy-to-let offering looks to be no exception.
“It’s a proposition that offers much-needed criteria to certain areas of this market and will add value to landlords and advisers alike.”