Retirement lender Hodge has reduced its rates on a selection of its later life mortgages for both new and existing customers.

It has cut all Retirement Interest Only (RIO) rates at 60% LTV by 0.20 percentage points and reduced the 50+ five-year fixed rate, again at 60% LTV, by 0.20 percentage points as well.

in addition, the Retirement Mortgage two-year fixed rate has been reduced by 0.10 percentage points and the five-year deal by 0.30 percentage points.

Emma Graham, business development director for Hodge, said: “Having spent considerable time in our homes since lockdown, many of us are re-evaluating our homes and living arrangements. For some older borrowers, this may well include wanting to make home improvements or helping their children fly the nest and buy their own home.

“The rate reductions introduced today, coupled with our ability to consider income up to the age of 80 as well as our Hodge Early Repayment Promise*, can most definitely provide families with the capability to provide that much needed family financial support during these difficult times.

“The stamp duty holiday announced by the Chancellor in the summer statement is also a great incentive for all buyers. Our hope is that the incentive together with our rate reductions and flexible lending criteria, will enable older borrowers to either help a loved one move into their first home or make the move themselves into a more suitable last home, at a time when the importance of our living conditions have been highlighted more than ever before.”