Equity Release Products
Product summary – mortgages with variable early repayment charges
|Lump Sum Lifetime Mortgage||Flexible Lifetime Mortgage|
|Product benefit||To provide a tax free cash lump sum||To provide an initial tax free cash lump sum and an option to make further cash withdrawals|
|Current interest rate (AER)||
Lump Sum Lifetime Mortgage - 3.85%
Lump Sum Lifetime Mortgage Plus – 4.30%
Flexible Lifetime Mortgage - 4.00%
Flexible Lifetime Mortgage Plus – 4.45%
|Interest rate type||Fixed rate for life||Fixed rate for life|
|Interest rate guarantee||n/a||n/a|
|Overall cost for comparison||
Lump Sum Lifetime Mortgage - 3.95% APR
Lump Sum Lifetime Mortgage Plus - 4.40% APR
Flexible Lifetime Mortgage - 4.10% APR
Flexible Lifetime Mortgage Plus - 4.55% APR
|The actual rate available will depend on your circumstances.
ask your Financial Adviser for a personalised illustration.
All lifetime mortgages offered by Hodge Lifetime include the Flexible Repayment Option where up to 10% of initial amount borrowed can be repaid each year with no early repayment charge.
Downsizing Protection - You will not incur an early repayment charge if, after 5 years, you repay your loan as a result of selling your home and moving to a different property
|Cash Withdrawal Option||No||Yes - minimum withdrawal amount of £1,000 per transaction|
|The cash withdrawal option is not guaranteed|
|Minimum property value||£100,000||£100,000|
|Maximum property value||£1 million||£1 million|
|We may accept properties of more than £1 million on referral|
|Standard Loan to Value
(on youngest age)
|Plus Loan to Value
(on youngest age)
|Minimum loan||£20,000||£15,000 plus £5,000 Cash Withdrawal Option|
|Early Repayment Charge||Maximum 25% of capital repaid (see factsheet for details)||Maximum 25% of capital repaid (see factsheet for details)|
|Locations available||England, Wales and mainland Scotland||England, Wales and mainland Scotland|
For more information of each of these products, please read the product summaries by following the quick links below.
Interest rates for cash withdrawals
The following interest rates apply if you wish to make a cash withdrawal:
|Product||Current interest rate||Overall cost for comparison|
|Flexible Lifetime Mortgage||3.93% monthly||4.10% APR|
|Flexible Mortgage Option*||6.30% monthly||6.5% APR|
|Flexible Lifetime Mortgage Plus||4.36% monthly||4.55% APR|
* No longer available for new business applications
These products are lifetime mortgages. To understand their features and risks, ask your Financial Adviser for a personalised illustration.