55+ Mortgage product summary

What are our current interest rates and early repayment charges?

55+ Mortage and 55+ RIO Mortgage
2yr fixed 5yr fixed 2yr discount
Current interest rate
55+ Mortgage 3.50% fixed 3.90% fixed 3.60%
55+ RIO Mortgage 3.59% fixed 3.99% fixed 3.69%

Your payments will not change during the first 2 years

Your payments will not change during the first 5 years

Your payments may change at any time in line with changes to our SVR

All product options revert to our current SVR at the end of the discount or fixed rate period.
Current SVR Our SVR is currently 4.70% variable.
Representative example

This example is based on a £90,000 loan over a 20 year term at an initial rate of 3.90% fixed for 5 years. In this case, the product fee has been added to the loan, and the valuation and legal fees have been paid by Hodge Lifetime:

Total amount of credit:£90,995
Your repayments:
60 monthly payments of: £295.73
Followed by 179 monthly payments of: £356.40
Followed by 1 payment of: £91,531.40
Total amount payable: £173,070.80
Total cost of the credit:£82,075.80

Please refer to our Tariff of Charges to identify any future fees or charges you may incur.

Early repayment charge Year 1: 3%
Year 2: 3%
Year 1: 5%
Year 2: 4%
Year 3: 3%
Year 4: 2%
Year 5: 1%
Year 1: 3%
Year 2: 3%

What are the main features?

55+ Mortgage 55+ RIO Mortgage
Mortgage type Interest-only Mortgage
Loan purpose House purchase, re-mortgage or raising capital.
Loan term Minimum term: 5 years.
Maximum term: Up to youngest borrower’s 95th birthday.
Loan repayment Loan interest is payable on a monthly basis.
You must repay the loan capital at the end of the term using one of the below repayment vehicles. Loan capital is repaid on death or entry into long term care.
Acceptable repayment strategies

(Applicable to the 55+ mortgage only)

  • Sale of own home (downsizing)
  • Sale of other property
  • Sale of investments
  • Endowment maturity.

You are permitted to combine more than 1 repayment strategy.

There remains a risk that, if your repayment strategy does not perform in line with your expectations, it may not be sufficient to clear your loan in full.

Affordability assessment The loan must be affordable for the entire term.
If the loan term extends beyond your retirement date, this means you will need sufficient retirement income to continue to afford the loan.
Minimum age
(youngest applicant)
Maximum age
(youngest applicant)
Minimum property value £120,000 (require £100,000 minimum equity) £100,000
Maximum property value £3,000,000
Maximum loan to value 60%
Minimum loan £20,000
Maximum loan £1,000,000
Product fee £995
Overpayments 10% overpayment allowance available during the initial period
Location England, Scotland and Wales
Buildings Insurance You must keep your property insured during the term of the mortgage, but you do not have to buy this insurance through Hodge Lifetime.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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