The Hodge Lifetime Mortgage has the option of a cash lump sum or a drawdown to allow you to take further lump sums as and when you need them.
Minimum age – 55
Maximum age – 85
Available to home owners between the age of 55 and 85 at the point of application.
Cashback available – No
Drawdown available – Yes, limited to a small number of products.
Available on a limited number of products with a minimum of £1,000 per withdrawal.
Medically enhanced plans available – No
Inheritance Protection available – No
Voluntary overpayments – Yes
From day 1 overpayments of up to 10% of the initial loan with a minimum of £500 per payment. Up to 4 payments per year without penalty.
Early repayment charges
Fixed early repayments for the first 9 years:
5% years 1 – 5
4% year 6
3% year 7
2% year 8
1% year 9
A Lifetime Mortgage allows you to release a tax free cash lump from your home to spend and use as and how you wish. There are normally no repayments to make to the loan with the interest being added to the loan each month. The interest rate is normally fixed for the life of the loan and the loan is only repayable when the property is sold, which normally happens when you die or go in to long term care. In the case of joint applicants this normally happens when the second applicant dies or goes in to long term care.
Please contact us to today for more information on the Hodge Lifetime Mortgage. We are completely independent Equity Release advisers and will recommend a plan from a provider that suits you best. We will compare all providers in the Equity Release market to ensure the plan we recommend meets your personal requirements.