Hodge is reducing the rates across its 50+ mortgage products by up to 0.30% from Wednesday.

Two-year fixed rates at 75% LTV will be reduced by 0.20%, from 7.10% to 6.90%, while its five-year fixed at 75% LTV will be priced at 6.40% from 6.70%.

Both the above come with a £995 product fee.

Two-year and five-year fixed fee-free products are also available at 75% LTV at 7.05% and 6.55%, respectively.

In addition, two- and five-year fixed rates at 85% LTV are available at 7.10% and 6.60%. Both come with a £995 product fee.

Finally, the later life lender is reducing fee-free two and five-year fixed rates at 85% LTV by 0.20% and 0.30%.

Hodge business development director Emma Graham says: “Thanks to the base rate announcement last month and the markets settling as a result, we are really pleased that we can implement these rate reductions across our 50+ mortgage product range.

“These rate reductions come hot off the heels of criteria enhancements for our later life products too, including reducing the stress test for pound for pound remortgages, increasing income multiples on purchase and remortgage, and a reduction in living costs in light of the changes to the energy price cap.”

She adds: “These criteria changes have all been made to help brokers and their customers manage affordability, which we know is an issue for many at the moment.

“In adding to that with these latest rate reductions, we really feel that we are doing all we can to support our intermediary partners navigate these tricky economic times and help their clients in those moments that matter.”