Hodge Lifetime - Retirement Mortgage
Scheme Name: Hodge Lifetime - Retirement Mortgage
Interest Rate: 3.79%
FREE valuation* | 5 year fixed rate | 10% Flexible Repayment Option | NO Early Repayment Charges after 5 years | Only available via limited intermediaries
Hodge introduced the very first equity release plans in 1965 and have continued to earn a reputation for reliability ever since. Hodge Lifetime is a subsidiary of Julian Hodge Bank and is a founder member of the Equity Release Council.
Hodge Lifetime have developed a potential solution to the problem with repayment of interest only mortgages at retirement. For those people looking at an escape route for repayment of their interest only mortgage, they now have an option of remortgaging onto the Hodge Retirement Plan.
The scheme works on the principle of affordability, rather than a loan-to-value basis and can lend upto 50% of the property value. Therefore, evidence of retirement income must be proven & stability shown throughout retirement.
Applications are available to anyone between the ages of 55-70, owning their main residence which has a minimum property value of £100,000.
The property must be located in England, Wales or mainland Scotland.
Monthly payments of interest are made which effectively maintains a level balance throughout the term.
Upon reaching age 80, a decision is then required as to whether the payments continue, or cease payments and switch to a roll-up equity release scheme thereafter.
Hodge include a flexible repayment option which allows 10% repayment of capital in the first 5 years with NO penalty.
With favourable early repayment charges of 5% in year 1, reducing down to 1% in year 5, this is ideal for those looking to repay in the future.
The minimum loan is £20,000 upto a maximum release of £500,000.
The Hodge Lifetime Retirement Mortgage Plan could be ideal for those looking to remortgage and ensure they can capture the facility of having a mortgage for the rest of their life.
*FREE valuation on properties values upto £350,000. Contribution towards thereafter.
Call 0800 678 5159 for further details on this unique mortgage product.