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Hodge Lifetime is known as one of the UK’s first equity release providers. They provided one of the first equity release plans available in the UK since 1965.
Hodge Lifetime is the longest-running equity release provider in the UK and was the founding member of the Equity Release Council.
Jason Stubbs, a leading expert on equity release, believes that Hodge equity release provides some of the most innovative equity release products available.
Your property’s equity is the actual market value of your house, less any mortgage you haven’t settled yet. It’s the amount you receive should you sell your home.
However, if you want to keep your house, you may still be able to access a large portion of this money. If your current mortgages have been settled, you could use companies that offer equity release.
Equity release gives you a significant sum of money to use but allows you to carry on living in your home. It can be valuable to cover more significant expenses such as your care needs later in life.
The equity release offer from Hodge is a flexible lifetime mortgage.
You will receive an upfront lump sum, further optional cash withdrawals will follow this in the future.
Hodge’s lifetime equity release plan is a drawdown product. This means that the amount you are approved to borrow can be withdrawn in stages. The equity release plan from Hodge has the following outstanding features:
You can borrow between 15% and 50% of the value of your home. The amount can be paid out in cash, with other amounts available to withdraw at future dates.
You only pay interest on the capital released to you, not the total amount you are approved for.
You can make repayments on your interest owed of up to 10% per annum, and you will not incur any early repayment fees.
Additionally, should you sell your home within 5 years of taking up Hodge’s offer, you can settle your loan amount without incurring any early repayment fees.
- You need to be over the age of 55
- You need to own your home
- You must borrow a minimum of £15000
- Incremental withdrawals must be over £1000
- You can only lend a maximum value of £500 000
- Your property must be worth a minimum of £100 000
- You must settle any outstanding mortgages with the money released
Hodge only works through accredited financial advisers. The best option is to contact your adviser or reach out to Hodge and let them get you in contact with one of their certified advisors.
Hodge is one of the most established and reputable equity release providers in the UK, and as such, they offer some of the best equity release options on the market. If you are in the market for an equity release product, it may be pertinent to consider Hodge as one of your choices.