Hodge Lifetime - Retirement Mortgage
Roll up Lifetime Mortgage
Rate: 3.85%
APR: 4.50%
Incentive Deal:
Features: FREE valuation* | 5 Year Fixed Rate | Flexible Repayment Option | 5 Year Early Repayment Charges

Hodge Lifetime were the first equity release company originating back in the 1960's. Now owned by Julian Hodge Bank they are one of the major equity release & annuity providers in the UK.

The Hodge Retirement Mortgage Plan is a possible solution to the interest only mortgage crisis, whereby many people are approaching retirement with mortgages & no repayment vehicle.

For those who have eliminated downsizing & exhausted conventional mortgage options, this Hodge retirement mortgage offers an escape route. By remortgaging away from your existing mortgage provider to Hodge enables retirees to consolidate onto an interest only lifetime mortgage, removing future repayment under death or long term care.

The Retirement Mortgage Plan is income based and reliant on a level or future escalating pension income.

Aimed at people between the ages 55-70, the plan requires monthly payments of interest only which renders the balance level until age 80 is attained.

At that point a decision is made as to whether to continue on paying the monthly interest, or opting to cease making payments & allowing the interest to roll-up. Choosing this option will then result in an escalating balance as the interest compounds.

The minimum property value is £100,000 and must be situated in England, Wales or mainland Scotland.

A minimum loan amount of £20,000 and a maximum of £500,000 applies subject to an overall maximum 50% of the property valuation.

Additional features include: -

Flexible Repayment - the plan allows 10% overpayments in the first 5 years with NO penalty
5 Year Fixed Rate - 3.79% (4.1% APR) which reverts to the SVR after expiry
Fixed Early Repayment Charges - Over the first 5 years the penalty falls 1%pa. After 5 years NO ERC exists

The Hodge Lifetime Retirement Mortgage Plan is initially only available to selected intermediaries.

*FREE valuation on property values upto £350,000. Contribution required on valuations above £350,000 thereafter.

Please call 0800 678 5169 for further details.
These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.

 

  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Special deals with incentives to save you money
  • Free initial advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes from the whole of the equity release market:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement L&G Crown