Did you know, all of our mortgages benefit from our early repayment promise?

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Emma Graham 18 May, 2021

We want your customers to have as much financial freedom as possible. And, with that in mind, we have extended our Early Repayment Promise (ERP) feature across all of our residential mortgage products, giving your customers the freedom to sell their property without incurring any early repayment charges.

The Hodge Early Repayment Promise gives your clients peace of mind, knowing if something happens which means they need to sell their property and move out, they won’t be penalised by early repayment charges – giving them, and you, one less thing to worry about.

While downsizing protection will be familiar to those in the Equity Release market, it may not be quite so well known in the wider market. Downsizing protection allows customers to downsize and repay an equity release plan in full without incurring any early repayment charges. We offer this across all our mortgages.

We’ve been offering a version of this feature on our Retirement Interest Only (RIO) mortgage, and our Holiday Let products, but we’ve extended the facility across all of the 50+ and RIO mortgages under the newly-named ‘Early Repayment Promise’.

The ERP is applicable for all of your customers who want to sell a property during the term of their mortgage and redeem the mortgage loan in full.

The Hodge Early Repayment Promise applies from day one. There’s no introductory period, and your clients don’t need to have had a mortgage for a certain length of time before the Hodge Early Repayment Promise kicks in.

It only applies for those selling their home, paying off their mortgage in full, or moving somewhere else. In other circumstances, like re-mortgaging before a fixed term is up, or switching to another lender, early repayment charges may still apply.

The ERP guarantees that your customers have real flexibility, which we believe will be very attractive for all of your clients looking for a 50+, RIO or Holiday Let mortgages.

Ryan Davies, managing director of mortgages at Hodge, said: “Here at Hodge, we pride ourselves on our flexibility both in the criteria broker’s customers have to meet and the products that we offer so it’s a logical next step to introduce the Early Repayment Promise across all mortgage products.

“For instance, our ERP enables your holiday let mortgage clients to dip their toe into the holiday let market, judge how the rental yields are and decide whether or not to stick or sell without incurring any Early Repayment Charges.

Ryan added: “It’s as simple as that. Flexibility and options for your clients. What’s not to like?”