With more choice than ever before, we at Hodge believe in the importance of education. Advisers fully understanding our products and features leads to a positive customer journey, both into retirement and beyond.
Focus on: Hodge Lifetime’s 55+
Our residential interest only mortgage for later customers approaching or in retirement
Highlights:
Interest only mortgage available to customers age 55-95
Affordability based on income both pre and post retirement including employed, self-employed, rental, investment and pension.
Free legal fees on standard re-mortgage cases
LTV’s of up to 60% from age 55
Choice of competitive rates with 2 & 5 year fixed ERC’s available
*based on product chosen
Ability to make 10% overpayments from day 1
Free valuations for properties worth up to £350k, discounted thereafter
Products included:
55+ 2 year discount – 2.99%
55+ 2 year fix – 3.10%
55+ 5 year fix – 3.30%
*Annual rate
Currently available in: England and Wales
What else do I need to know?
LTV: Based on affordability, max 60%. We will look at income both pre and post retirement including employed, self employed, rental, investment & pension. For more detailed info on acceptable income types click here.
Repayments: Interest is repayable monthly, additionally to this each of the products allows a 10% overpayment from day one, your customer is not tied in or penalised in any way for using this feature and any additional repayments made reduce the capital owed at the end of the mortgage term.
Early Repayment Charges: 3% years 1 and 2 for 2 year fix or 2 year discount mortgages, 5,4,3,2,1% for first 5 years on 5 year fix mortgage.
Adviser qualification: This product is not an equity release mortgage, it is an interest only mainstream residential mortgage with a fixed term, therefore as an adviser you require a relevant mortgage advice qualification only.
Hodge introducing a wide and varied selection of products means that we continue to innovate within the retirement lending sector, doing our very best to provide options for today’s older borrowers. We recognise that there is no longer a ‘typical’ customer or scenario and continue to look for ways serve the later life market.
Visit our website www.hodgelifetime.co.uk for our on-line affordability calculator and for more information or downloads. Alternatively call us on 0800 731 4076 where our adviser support team will be happy to help.
