Hodge has reduced rates across its entire mortgage range and retention products are also following suit.

The specialist lender is reducing all 50+ rates by 70bps, all RIO two-year fixed rates by 70bps and all RIO five-year fixed rates by an average of 40bps.

All professional mortgage rates are being reduced by 60bps and all holiday let rates by 80bps.

Emma Graham (pictured), business development director at Hodge, said: “We’ve been working diligently to enhance our products and criteria to best support your customers and it seems fitting to start a new year with some good news.

“This reduction in rates comes hot off the heels of an increase in our procuration fees, where we increased broker fees for mortgage product transfers from 0.25% to 0.30% in recognition of the intermediary partners we work with.

“These latest rate decreases are yet another reflection of our desire to help you help your customers in the moments that matter.”