What are the main features?
|Mortgage Type||Lifetime Mortgage|
|Product benefit||To provide a tax free cash lump sum|
|Current interest rate (AER)||Plus: 5.09%
|Interest rate type||Fixed rate for life|
|Interest rate guarantee||n/a|
|Overall cost for comparison||Plus: 5.25%
|The actual rate available will depend on your client’s circumstances. Ask for a personalised illustration.|
|Additional features||All lifetime mortgages offered by Hodge Lifetime include the Flexible Repayment Option where up to 10% of initial amount borrowed and can be repaid each year with no early repayment charge.|
|Cash withdrawal option||No|
|Minimum age (youngest applicant)||55|
|Maximum age (youngest applicant)||85|
|Minimum property value||£100,000|
|Maximum property value||£2 million|
|We may accept properties of more than £2 million on referral|
|Standard loan to value (on youngest age available on lifetime and indexed)||n/a|
|Plus loan to value (on youngest age available on lifetime and indexed)||19% to 49%|
|Max loan to value (on youngest age available on lifetime and indexed)||22.5% to 50%|
|Early repayment charge||Years 1 to 5: 5%
Year 6: 4%
Year 7: 3%
Year 8: 2%
Year 9: 1%
|Locations available||England and Wales|
For further information on the Lifetime range, please visit the Resources section of the site.
Is the property eligible for equity release?
Summary of acceptable property types
|Type of property||
There must be a minimum of 90 years unexpired term on your property’s lease.
If the property is a flat, it must be in a private block of 7 stories or fewer.
|Construction method||The property must be of standard traditional construction:
|Past events||The property must not have recently been affected by flooding, subsidence or other structural issues.|
This table is only a summary. Please refer to our detailed property eligibility factsheets as follows:
- Version A (Fixed Early Repayment Charge) : For the Lifetime Mortgage and Indexed Lifetime Mortgage Products
- Version B:(Variable Early Repayment Charge) : For all other products offered by Hodge Lifetime
If you have any questions around the client’s property eligiblity please contact us and we will be happy to help.
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