Hodge Lifetime launch interest-only equity release alternative
Hodge Lifetime has launched an interest-only lifetime mortgage, intended to fill the gap between residential and equity release mortgages.
Providing borrowers are at least 55 years of age and they have a suitable pension income, they will be able to apply for this more flexible alternative to the traditional roll-up lifetime mortgage.
Borrowers will be able to overpay up to 10% of capital in years 0-5 without charge and make unlimited overpayments from year six onwards. The lender is offering a fixed rate of 4.75% for five-years and has a maximum LTV of 50%.
Loan amounts released can be used for any purpose, and the plan may therefore provide a viable option for clients coming to the end of an existing interest-only mortgage and who may wish to extend borrowing into retirement.
If you would like to apply for Hodge's Lifetime mortgage or to find out if it suitable for your needs, call our specialist equity release broker Jed Newton on 020 7016 0793.
September 2, 2013
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