Freephone 0800 802 1051
Freephone 0800 802 1051
Equity Release Compare Deals Drawdown Flexible Lifetime Mortgage (Fee Free)

Hodge Flexible Lifetime Mortgage Details (V3)

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Equity Release Compare Deals Drawdown Flexible Lifetime Mortgage (Fee Free)

Flexible Lifetime Mortgage (Fee Free)

  • Type Fixed
  • Rate 4.12%
  • APR 4.27%
  • Free Valuation
  • Free Application
  • 10%pa Flexible Repayment Option
  • 1 Day Downsizing Protection
  • Variable &/or Fixed ERC Options


Hodge Lifetime was original formed in 1965 as Home Reversions Ltd and was a founder member of the trade body - SHIP (Safe Home Income Plans) in 1991, whom itself was recently rebranded as the Equity Release Council. Hodge Lifetime are a subsidiary of Julian Hodge Bank and have now been providing equity release schemes longer than any other equity release UK company.

Specializing in the post retirement marketplace, Hodge Lifetime offer a range of products from annuities to equity release schemes. Their equity release mortgages were the first to incorporate the flexible 10% per annum repayment strategy, of which other lenders have since mirrored. This allows total control of the future balance as necessitated by the homeowner. With additional unique product features, Hodge Lifetime are a leading innovator in this expanding industry - now with Retirement and RIO Mortgages.


The Hodge Lifetime Flexible Drawdown Plan is initially a drawdown equity release scheme which is ideal for homeowners looking for maximum control over both their future balance, access to additional funds and any possible change in their residential status.

Hodge's minimum acceptable property valuation on their Drawdown Lifetime Mortgage is £100,000 with a maximum value of £1 million. Please contact us directly on properties valued over £1m as cases can be individually underwritten, with bespoke quotes via Equity Release Supermarket on Freephone 0800 802 1051

The homeowners property must be their main residence and needs to be located within England, Wales and mainland Scotland.

Hodge Lifetime's Flexible Drawdown Lifetime Mortgage is available on both a single and joint life basis with a minimum age of youngest homeowner being 55 and a maximum age at entry of 88.

The minimum release Hodge will accept on any application is £15,000, with a minimum drawdown facility of £5,000. The maximum Hodge will release on this Flexible Lifetime Mortgage scheme is £600,000. Please call 0800 802 1051 for your personalised Hodge Lifetime Key Facts Illustration.


The Hodge Lifetime Flexible plan comes with a drawdown equity release reserve which provides the homeowner with an overall cash reserve facility. From this, the homeowner can take an initial tax-free lump sum for immediate use. Any unused cash is retained in a cash reserve facility with no interest or charges being applied to it. This is ideal for those needing access to immediate cash but requirements for further drawdown funds to supplement their retirement in the future.

The minimum withdrawal from the cash reserve facility is just £1,000 with no further administration charges for any additional drawdown amounts taken.

The initial tranche of money taken receives a fixed equity release lifetime interest rate, with any future drawdowns being charged at the interest rate applicable at the time of withdrawal.

Hodge Lifetime are members of the Equity Release Council and consequently their plans come with a no-negative equity guarantee. The protection this affords is that upon death and sale of the property, any beneficiaries cannot be left with any personal debt owing to the equity release lender.

There is no regular payment commitment imposed by Hodge, thus the interest if required can be left to roll-up. However, as discussed there is the flexible repayment option which does allow homeowners to make 10% per annum payments to Hodge and control their future balance.


The Hodge Lifetime Drawdown Mortgage facilitates homeowners to spend their tax-free cash as they wish, with no need in having to make any repayments. However, one of the features of the Hodge Lifetime Equity Release plan is the Flexible Repayment Option. This enables the homeowner to control their future balance by making repayments of upto 10% of the original amount borrowed each year, with no penalty.

The homeowner can make ad-hoc voluntary repayments starting from a minimum of £250 each time back to Hodge with the main advantage being that NO proof of income is needed. No penalties are incurred either upon repayment, as long as the amount repaid does not go over the maximum 10% limit each year.

Therefore, for those having difficulty obtaining residential mortgages, voluntary repayment schemes offer a non-verification mortgage alternative. This feature can help manage to repay the interest charged by Hodge, thus rendering the balance level throughout, effectively acting as an interest-only lifetime mortgage.

The Hodge Flexible Lifetime Mortgage can be used for capital and repayment purposes also. For instance, if the full 10% allowance is used every year, then the balance would be reduced significantly; ideal if wanting to protect any inheritance. These payments are purely voluntary the choice of the homeowner. Upto 12 payments can be made each year, subject to a minimum of £250 and following inception of the plan.

The Hodge Downsizing Protection Option can be exercised after inception should the homeowner wish to sell & downsize home. If this occurs after day 1 of the plan starting then NO early repayment charge is levied by Hodge.

This is ideal for homeowners with properties on the market, who cannot sell, yet may require funds to maintain ongoing living costs. By releasing funds via this Hodge Lifetime Lump Sum scheme, the plan can be repaid penalty free should you eventually downsize anytime in the future.

Hodge offer a choice of fixed, fixed and variable, or just variable early repayment charges (ERC's). Depending upon which version is selected will affect the interest rate of the plan offered.

The lower interest rates are available on the variable ERC plans which are linked to long term swap rates and can incur a maximum penalty of 25% of the capital repaid. This penalty runs until after the youngest borrowers 90th birthday.

When choosing fixed ERC's, the interest rate is set higher than the variable ERC. However, fixed ERC's only apply over an 8 year term; 5% in yrs 1-4, then tapering down yearly to just 1% in the final year. No ERC's exist after the 8th year.

Additionally, there is the option of choosing whether to pay an application fee, or not. Again, this choice will affect the interest accordingly, By selecting to pay an application fee will afford the lowest interest rate. Contact the team for further details.

*A free valuation on properties valued upto £1 million is currently offered on this Hodge Fees Fre Drawdown plan - V3.

To obtain further information or to request a quotation on the Hodge Flexible Lifetime Mortgage Fee Free equity release scheme, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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