17th February 2015

Hodge Lifetime five year fixed rate reduced by 0.36%

Hodge Lifetime has reduced the interest rate on its retirement mortgage with a five year fixed rate now 4.39%.The overall cost for comparison is 4.7% APR*.

The retirement mortgage is an interest-only lifetime mortgage.

Whilst interest must be paid monthly, the loan capital can be repaid from the proceeds of selling the property and does not have to be repaid until the borrower dies or moves permanently into long term care.

Deian Jones, Managing Director of Hodge Lifetime says “As options for customers looking to borrow in retirement have reduced, especially on an interest only basis, this latest rate reduction offers advisers a competitive and flexible solution for those customers”

Dominik Lipnicki, Director, Your Mortgage Decisions says,

“Post 2008 and in particular post MMR, it has become nearly impossible to help clients past retirement, especially if interest only borrowing is required. Hodge Lifetime help to fill that product void. What most would find surprising is just how low the interest rate is, even lower than the SVR with Santander. This is no longer what some would perceive as lending of last resort. Hodge Lifetime products plug a real gap in the market; in essence, they help borrowers, which high street lenders chose to ignore.”

*The actual rate available will depend upon your circumstances. Ask for a personalised illustration This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Your home may be repossessed if you do not keep up repayments on your mortgage.

Notes to editors:

About Hodge Lifetime

1.     Hodge Lifetime is the longest-established provider of equity release plans in the UK.

2.     Hodge Lifetime has a history of innovation in the equity release market.  It introduced the first Flexible Repayment Option feature, allowing borrowers to repay up to 10% of their loan each year without incurring early repayment charges.

3.     The retirement mortgage was launched in 2013, offering customers a flexible alternative to traditional equity release products with 5 year fixed rates and five year early repayment charge periods. Available from age 55, customers can borrow up to 50% of their property value, the actual loan available based on affordability.

For more information (Hodge Lifetime) contact:

Jon Tweed        

Hodge Lifetime

Mortgages, Retirement