Hodge Lifetime Mortgage - Flexible Repayment Plan
  • Hodge Lifetime Flexible Repayment Lifetime Mortgage Plan
  • Rate: 4.35%
    APR: 4.61%
    Incentive: Yes
    Offers: FREE valuation | 10%pa Flexible Repayment Option | Downsizing Protection Option - NO Penalty After 5 years

Background

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.

Specialising 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.

 

Eligibility

The Hodge Lifetime Flexible Repayment Plan is a voluntary repayment 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 residence.

Hodge’s minimum acceptable property valuation on their Flexible Lifetime Mortgage is £100,000 with a maximum value of £1m. Please contact us directly on properties valued over £1m as cases can be individually underwritten, with bespoke quotes via Equity Release Supermarket – 0800 678 5955

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

Hodge Lifetime’s Flexible Repayment Lifetime Mortgage is available on both a single and joint life basis with a minimum age of youngest homeowner being 60 and a maximum age at entry of 85.

The minimum release Hodge will accept on any application is £15,000 with a maximum equity release lending amount of £500,000. Please call 0800 678 5955 for your personalised Hodge Lifetime Key Facts Illustration.

 

Features

The Hodge Flexible Lifetime Mortgage is effectively a voluntary repayment lifetime mortgage scheme. This allows the homeowner to make voluntary repayments of a minimum of £500 back to Hodge Lifetime with the main advantage being that NO proof of income is needed. Therefore, for those having difficulty obtaining residential mortgages, voluntary repayment schemes offer a non-verification mortgage alternative. This can therefore be managed to repay the interest charged by Hodge, thus rendering the balance level throughout, effectively acting as an interest only lifetime mortgage.

The Hodge Lifetime Flexible Repayment plan comes with FREE valuation upto £350,000 and the additional extra of a drawdown equity release reserve which provides the homeowner with an 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, there is a flexible repayment option which does allow homeowners to make payments to Hodge & control their balance.

A unique feature of the Hodge Lifetime Flexible equity release plan is the Downsizing Protection feature which allows the homeowner to downsize or sell-up after 5 years and incur NO early repayment charges. If downsizing within 5 years from inception, then a 5,4,3,2,1% penalty applies to the amount repaid.

 

Options

The Hodge Lifetime Flexible Repayment 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 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.

Therefore, should a level balance be required, then the homeowner can elect to make repayments of interest only back to Hodge after 12 months term has elapsed. The Hodge Lifetime UK scheme can be used for capital & repayment purposes as 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 and the choice of the homeowner.

The Hodge Downsizing Protection Option can be exercised after inception should the homeowner wish to sell & downsize home. If this occurs after 5 years then NO early repayment charge is levied by Hodge.

 

To obtain further information or to request a quotation on the Hodge Lifetime Flexible Repayment Plan, please contact the Equity Release Supermarket team on 0800 678 5955 today.