Hodge is now offering downsizing protection across its full residential mortgage range, meaning borrowers can sell their homes without facing an early repayment charge.

The lender’s “early repayment promise” will now apply to retirement interest-only products and holiday lets as well as its lifetime mortgage range.

It applies to any customer who wishes to sell their home during the term of their mortgage and redeem the loan in full.

Hodge managing director of mortgages Matt Burton says: “Here at Hodge, we pride ourselves on our flexibility both in the criteria 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 a holiday let mortgage customer to dip their toe into the market, judge how the rental yields are and decide whether or not to stick or sell without incurring any early repayment charges.”

Burton adds: “ERPs, or downsizing guarantees as they are also called, are attractive and very popular in the equity release market and so we saw no reason not to extend this attractive proposition to the rest of our products.

“We believe this added flexibility will be really attractive to customers looking for 50+, RIO or our new holiday let mortgages.”