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 a flexible 10%pa 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 with a range of fixed & variable rate lifetime mortgages.
This Hodge Indexed Lifetime Mortgage range is part of a newer suite of lump sum equity release schemes offering three tiers of variable rate plans, differentiated by their loan-to-value ratio's. This standard entry point plan - the Indexed Lifetime Mortgage plan offers the lower release amount of the three indexed options in terms of lump sum availability, but consequentially this standard plan has an attractively lower interest rate for the homeowner.
Hodge Lifetime are only the second equity release lender to offer a variable interest rate product, linked to the Consumer Price Index (CPI). Choice is important and with this comes a range of flexible features for the homeowner to be able to discuss with their equity release adviser. This is a new bold step for the Equity Release marketplace and effectively brings lifetime mortgage interest rates more in line with conventional mortgage interest rates.