Hodge Lifetime launched the first equity release plan in 1965 and is the longest established equity release provider in the UK. Its products are provided by Julian Hodge Bank Limited.
Hodge Lifetime has been one of the most innovative lenders in the equity release market, and it has used this experience to develop its retirement mortgage range to complement its traditional lifetime mortgage products.
Hodge’s retirement mortgage is something of a hybrid of a residential retirement mortgage and a lifetime mortgage.
It is an interest-only mortgage where the interest is repaid monthly and the outstanding capital is repaid when the last homeowner dies or moves into long term care.
Monthly mortgage interest repayments must be made until the youngest borrower reaches age 80 (or at the 5th anniversary of the loan – whichever comes first) and at this point the loan can be converted to an interest-roll up plan if the borrower chooses to. This means that the monthly interest repayments can stop and the accruing interest (and amount borrowed) being repaid when the retirement mortgage ends.
The amount borrowed is based on the ability to afford the mortgage. This is based on income and expenditure up to maximum loan to value ratio. Hodge will consider pre and post retirement income in assessing affordability and a credit check will also be performed.
To be eligible, you must be a homeowner aged 50+ and Hodge will lend up to 70% of the value of the property (the LTV).
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Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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