Hodge Lifetime - Flexible Drawdown Plan - NO Early Repayment Charges
Roll up Lifetime Mortgage

Scheme Name: Hodge Lifetime - Flexible Drawdown Plan - NO Early Repayment Charges
Interest Rate: 4.35%
APR: 4.61%

Incentive Deal:


Reserve Facility

FREE valuation* | Downsizing Protection - NO Early Repayment Charges** | 10% Flexible Repayment Option with NO Early Repayment Charges

Full details:

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 SHIP (now the Equity Release Council)

Their Flexible Repayment Drawdown Lifetime Mortgage plan has been built with flexibility in mind.

Plans start at age 60 and there is a minimum property value of £100,000 with a £15,000 minimum initial withdrawal limit. Hodge's Flexible Repayment Lifetime Mortgage is available in England, Wales & mainland Scotland.

This drawdown lifetime mortgage scheme allows you to take an initial tax free cash lump sum with access to a further tranche of funds provided by a cash reserve facility. These amounts can be taken by withdrawals as small as £1,000 each time and with no additional admin fees. The advantage of drawdown plans is that you are only charged interest on the cash actually withdrawn.

The Hodge Lifetime drawdown plan has a fixed interest rate for life on each withdrawal made.

Hodge provide a unique 'Flexible Repayment Option'. This allows repayment of upto 10% of the initial loan amount each year WITHOUT penalty. It can therefore be used as an interest only mortgage, or potentially a way of actually repaying some or all of the capital over their lifetime. Hodge will even allow the 10% repayments to be made across any further drawdown withdrawals also.

Another benefit is that you can choose when to make any repayments, and how much you wish to repay. There is NO monthly commitment required. After 12 months you can simply send Hodge payments at your discretion upto the limits imposed.

Hodge Lifetime also include a 'Downsizing Protection' feature whereby early repayment charges are favourable should you decide to downsize in the future. If you do later downsize, early repayment charges only apply for the first 5 years on a 5,4,3,2,1 basis. Downsizing after 5 years will incur NO early repayment charge.

The Hodge Drawdown Lifetime Mortgage would be an excellent alternative if you wish to repay interest &/or capital and want retain control over when and how much is repaid.

*Free valuation applies on property values upto £350,000
** No early repayment charges after 5 years apply if downsizing to a new property.