News from Hodge Lifetime

Hodge Lifetime launches the Lifetime Mortgage Ultra and increases max loan available to £1,000,000 across both Indexed and Lifetime ranges

As of October 2nd Hodge Lifetime Launches the Lifetime Mortgage Ultra and increases max loan available to £1,000,000 across both Indexed and Lifetime ranges

Hodge, the over 55 specialist lender has announced the expansion of its lifetime mortgage range with the launch of the lifetime mortgage ultra, offering enhanced LTV's from 23% at age 55 to 50% from age 78, the product features 9 year fixed early repayment charges as well as the option to make over payments of up to 10% per annum without penalty from day 1, which can be done on an ad hoc basis to suit the client's circumstances.

With an interest rate of 5.89%, free valuations for properties worth up to £1,000,000 and loans from £15,000 to £1,000,000 available, the product promises to be a popular addition to the lifetime plus and lifetime max plans further enhancing the overall lifetime offering and giving even greater choice and flexibility.

As well as the launch of the lifetime ultra, Hodge has announced an increase in its maximum mortgage loan available from £500,000 to £1,000,000 with an increased acceptable property value of £2,000,000 across both the lifetime and indexed ranges, this applies to the lifetime mortgage plus, max and the new ultra product, as well as the indexed, indexed plus and indexed max mortgages which have variable rates from 3.47 linked to CPI.

Steve Cox, Business Development Director for Hodge Lifetime said “with continued growth in consumer demand for equity release products, these enhancements to our range provide customers and advisers with further choice. We continue to be dedicated to driving innovation in our sector and will react to adviser and customer needs as the equity release market grows and develops”.

Hodge Lifetime 55+ Mortgage available in Scotland from September

Hodge, the later life Lending specialist has today announced it's 55+ interest only residential mortgage will be available in Scotland from 4th September.

The mortgage, available to customers age 55-95 has a maximum LTV of 60% and offers a choice of 2 yr discounted and 2/5 year fixed rates from 2.99%, available for both purchase and remortgage, affordability is based on income pre and post retirement including employed, self employed, rental, investment and pension.

The 55+ also features free standard remortgage legals, a free valuation for property to the value of £350k and the option to repay capital of up to 10% per annum from day 1, this additional payment is entirely optional and can be done on an ad hoc basis to suit the client’s circumstances.

Steve Cox, business development director for Hodge Lifetime said 'we have seen huge growth in the later life Lending sector and the popularity of our interest only mortgage continues to grow with advisers and customers alike. Now is the right time to widen availability of this product into Scotland to help older borrowers north of the border. The market continues to be fuelled by interest only maturities from the high street as well as those older customers who can still meet affordability who want to borrow into later life at affordable rates. We will be running workshops for advisers in September and October centred around all aspects of Later Life Lending, details of which will be released soon.'

The 55+ mortgage is the latest innovative product targeted at over 55 borrowers from Hodge Lifetime, unlike it's other popular offerings the 55+ is not equity release. As an interest only residential mortgage it can be recommended by advisers who hold a relevant mortgage advice qualification, providing a flexible alternative to downsizing.

Hodge Lifetime cuts interest rates on its downsizing range

With effect from 10 July Hodge has cut rates for its Lump Sum and Flexible Lifetime mortgages, part of the downsizing range.

Our updated range offers the opportunity to repay up to 10% of the mortgage balance entirely penalty free from day 1, as well as downsizing protection meaning if your customer chooses to repay due to selling their home, after 5 years no early repayment charges apply.

New rates are 4.02% (monthly) 4.09% (annual) for the Lump Sum product and 4.21% (monthly) 4.29% (annual) for the Flexible Lifetime Mortgage.

The downsizing range comprises of two lifetime mortgage products. To understand the features and risks of these products, ask for a personalised illustration.

Moneywise - Best Lender for Older Borrowers 2017

Hodge Lifetime are delighted to announce we have been awarded 'Best Lender for Older Borrowers' by Moneywise.

One of the judges David Hollingworth, associate director of communications at London & Country Mortgages said: “Hodge recognised that some older home-owners were happy to pay interest on a mortgage from income rather than using a more traditional equity release product. It developed the 55-plus mortgage as an option that continues to offer more flexibility than most lenders, potentially taking a borrower through to age 95.

Hodge Lifetime launches new Indexed Max product and drops rates across Downsizing, Indexed and Lifetime range

Later Life Lending specialist Hodge Lifetime has today announced rate reductions across its downsizing, indexed and lifetime equity release product range. In addition, the lender has launched its Indexed Lifetime Mortgage Max product, offering a variable rate of 4.54% (annual), with enhanced LTV’s between 21% and 50%.

All products are available from age 55 to age 85, with 9 year early repayment charges which reduce in years 6 to 9. In addition, all products offer a free valuation on properties valued up to £1 Million, with a discounted valuation fee thereafter.

Steve Cox, Business Development Director for Hodge Lifetime said ‘Customer demand for equity release is growing, with the market having smashed through the £2 Billion barrier in 2016 and maintaining strong growth in the first part of 2017. Given that mainstream interest only maturities will be huge for many years to come, it seems inevitable our sector will grow rapidly as customers will seek quality advice from our intermediary partners to find suitable solutions to all their later life borrowing needs. We are uniquely positioned as a lender by operating both in the mainstream and equity release sectors of the later life market and we will continue to provide innovative product choice to advisers which can only result in great customer outcomes. These reductions in rates today and the addition of our new Indexed Max product, demonstrate our commitment to the equity release sector and our intermediary partners.’

Stuart Wilson, Managing Director for Later Life Academy states “We are delighted to see further moves from this lender to strongly position themselves in the broad “retirement lending” market. The innovative approach and focused pricing will further broaden their appeal. The wider consumer demand for great value lending products in “later years” is being met with more and more dynamic product design and pricing.”

The Hodge Centre for Neuropsychiatric Immunology

A £1m investment from the Hodge Foundation will see Cardiff University experts join forces to explore the role the brain’s immune system plays in some of the most common brain disorders like Alzheimer’s, schizophrenia and epilepsy.

The new five year partnership will establish The Hodge Centre for Neuropsychiatric Immunology and bring together leading experts in both neuroscience and immunology.

The Centre will facilitate collaboration between Cardiff University’s Neuroscience and Mental Health Research Institute and Systems Immunity Research Institute under the leadership of their respective directors, Professor Jeremy Hall and Professor Paul Morgan.

Professor Harwood

It’s expected that the virtual Centre’s focus on the immune system will help gain a better understanding of why disabling conditions such as Alzheimer’s disease and schizophrenia develop and which factors cause them to progress.

“We are extremely grateful to the Hodge Foundation for their generous donation,” said Professor Jeremy Hall, Director of Cardiff University’s Neuroscience and Mental Health Research Institute.

“Sadly, for many diseases like Alzheimer’s there have been few recent advances in treatment and no new drugs, whilst treatments that do exist are limited and often associated with unpleasant side effects.

“However, we do know that changes in our immune system is a factor in the development of brain disorders but more work is needed to explore this fully..."

The Hodge Foundation supports medical research, principally in the areas of cancer and mental health, through the provision of grants to universities, medical institutions and research charities.

Jonathan Hodge, Chair of the Hodge Foundation, said: “As a Foundation, we are truly proud to support the world leading research taking place at Cardiff University.

“We have already seen our support produce tangible benefits in key areas of public health. Now Cardiff’s strengths in both neuroscience and immunology put them in an excellent position to make a rapid step change in their knowledge in this field and open up the hugely exciting possibility of new treatments for patients.

“We are delighted to play a part in this.”

The £1m donation from the Hodge Foundation will fund a Senior Fellowship which will help attract some of the very best young researchers already working in neuropsychiatric immunology to Wales.

It will also fund six Hodge Foundation PhDs, five pilot research studies and seed funding for innovative new ideas. The Centre will also host a series of public lectures.

Professor Paul Morgan, Director of Cardiff University’s Systems Immunity Research Institute added: “The link between the immune system and brain disorders has long been suspected and offers the potential for a new route to developing treatments for those at risk of developing these conditions.

“The Centre is an extremely important development as it will mean that we have a real opportunity to put the immune system at the centre stage of our understanding..."

Major mental health disorders such as Alzheimer’s disease and schizophrenia are estimated to cost the UK economy over £37bn per year.

They continue to place a significant burden on patients and their relatives through reduced quality of life, increased physical illness and disability, lost employment, discrimination and isolation.

Hodge Lifetime adds products to 'Lifetime' mortgage range and reduces ERCs and fees on both 'Lifetime' and 'Indexed' ranges

Hodge Lifetime has added two new products to the Lifetime Mortgage range. The range will now consist of three fixed rate, lump sum equity release plans the Lifetime Mortgage, Lifetime Mortgage Plus and Lifetime Mortgage Max.

All products will be available from age 55-85 with the Lifetime Mortgage offering a standard LTV from 15% with an annual rate of 5.0% and the Plus and Max versions offering enhanced LTV’s from 19% at a rate of 5.3% (Plus), and from 21% at 5.8% (Max).

In addition to the new products, application fees will reduce from £995 to £595 and 9 year early repayments charges consisting of 5% years 1-5 dropping to 4,3,2,1% in years 6-9 have been introduced across both ranges.

Free surveys are available for properties of £1 million or less with discounted fees thereafter, and we will now accept properties up to £2 million within the M25 region.

November 2016

Hodge Lifetime: Highly Commended - Mortgage Product Innovation – Smaller Lenders

Mortgage Finance Gazette - Highly Commended 2017

We are extremely pleased to have received a highly commended award for mortgage product innovation, smaller lenders at the Mortgage Finance Gazette awards.

This is in recognition of our 55+ Mortgage, a residential mainstream mortgage for customers age 55-95.


October 2016

Hodge Lifetime: Most Competitive Annuity Provider

We are extremely pleased to have won for the second year running, the "Most Competitive Annuity Provider" category at the Moneyfacts investment, life and pensions awards 2016.

The results drew on both the analytical expertise of the ILP Moneyfacts research team and the opinions of the magazine's advisory readership as to which company consistently provides the most competitive annuity rates in the market place.

Hodge Lifetime have remain a strong contender in the annuity market, offering great rates and a fantastic service across the board.

Most Competitive Annuity Provider 2016 Most Competitive Annuity Provider Two Times Winner 2016
October 2016

Hodge Lifetime 2016 financial strength rating

Hodge Lifetime has once again maintained its strong 'B' rating from AKG Actuaries and Consultants Ltd for the overall financial strength of the company.

Read the AKG 2016 report here

September 2016

Julian Hodge Bank and Hodge Lifetime moving to new HQ at the 1 Central Square office scheme.

Julian Hodge Bank, will move to new headquarters in the centre of Cardiff next week as the business continues to drive impressive growth.

The only bank with it’s HQ in Wales is moving its 140 staff to the 1 Central Square office scheme at the wider Central Square regeneration project - in an investment that will bring all its operations under one roof.

Read more in Wales Online

September 2016

Hodge Lifetime cuts interest rates on its lifetime mortgages

Hodge has cut rates for its 55+ range, Retirement Mortgage and standard variable rates with effect from 20 September.

Our refreshed 55+ range will have a two-year fixed rate at 3.10%, a five-year fixed rate at 3.30% and a two-year discount rate at 2.99%.

The five-year fixed rate for our retirement mortgage will be cut by 60 bps and will be available at 3.79%, while our SVR will drop by 25 bps to 3.95%.

The 55+ is a residential mortgage, the Retirement Mortgage is a lifetime mortgage. To understand the features and risks of these products, ask for a personalised illustration.

Hodge Lifetime cuts interest rates on its lifetime mortgages

The interest rates applicable to Hodge Lifetime's Lump Sum Lifetime Mortgage and Flexible Lifetime Mortgage have been reduced.

In addition to offering competitive interest rates, both lifetime mortgages benefit from the following features:

Downsizing Protection

Your customer will not incur an early repayment charge if after 5 years they fully redeem the loan as a result of selling their home and moving.

Flexible Repayment Option

Your customer has the option to repay up to 10% of the initial loan (and further withdrawals) per annum

Available only via financial advisers, full details can be found in the Equity Release section of our website or by calling us on 0800 731 4076.

The monthly interest rate has been reduced to 5.21% on the Lump Sum Lifetime Mortgage and 5.31% on the Flexible Lifetime Mortgage.

The overall costs for comparison are 5.5% and 5.6% APR respectively. The actual rate available will depend on your circumstances.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

June 2016

Hodge Lifetime - 55+ Interest Only Mortgage now available whole of market

Following a successful pilot launch of our 55+ interest only mortgage, we are delighted to confirm that with immediate effect the product will be available to all relevantly qualified Independent Financial Advisers.

The 55+ Mortgage has been designed specifically with the older borrower in mind. Product highlights:

  • Available to applicants between ages of 55 - 85
  • Loan terms from 5 years up to the youngest borrower’s 95th birthday
  • Acceptable repayment vehicles include downsizing, sale of other UK properties or investments
  • Salary, self-employed, pensions, investments and rental incomes are all acceptable for affordability assessment
  • Loans available for purchase, capital raising and remortgage, from £20,000 - £500,000.
  • Interest only term mortgage – No ER qualification required
January 2016

Hodge Lifetime cuts interest rates on its lifetime mortgages

The interest rates applicable to Hodge Lifetime’s Lump Sum Lifetime Mortgage and Flexible Lifetime Mortgage have been reduced.

In addition to offering competitive interest rates, both lifetime mortgages benefit from the following features,

Downsizing Protection

Your customer will not incur an early repayment charge if after 5 years they fully redeem the loan as a result of selling their home and moving.

Flexible Repayment Option

Your customer has the option to repay up to 10% of the initial loan (and further withdrawals) per annum

Available only via financial advisers, full details can be found in the Equity Release section of our website or by calling us on 0800 731 4076.

The monthly interest rate has been reduced to 5.26% on the Lump Sum Lifetime Mortgage and 5.31% on the Flexible Lifetime Mortgage.

The overall costs for comparison are 5.56% and 5.61% APR respectively. The actual rate available will depend on your circumstances.

This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.

November 2015

Hodge Lifetime: Best Provider for Adviser Support

Best Provider for Adviser Support 2015

We are extremely happy to have won for the second year running, the "Best Provider for Adviser Support" category at the Equity Release Awards 2015.

Providing excellent support to financial advisers and their customers is something we strive to achieve, it is a tribute to the entire team that we are held in such high regard by the adviser community.

October 2015

3 in a row success at the Moneyfacts Awards

We are delighted to have won the Moneyfacts 2015 award for the ‘Best Equity Release Provider’ for the third year running.

A successful night was rounded off by winning the 'Most Competitive Annuity Provider'

We strive to support financial advisers with a competitive and relevant product suite for their customers and we would like to say a big thank you to all those who have supported us in achieving these awards.

Moneyfacts Award 2015 - Best Equity Release Provider Moneyfacts Award 2015 - Most Competitive Annuity Provider Moneyfacts Award 2015 - Three Times Winner
February 2015

Interest rate reduced by 0.36%

Hodge Lifetime has reduced the interest rate on its retirement mortgage with a five year fixed rate of 4.39%. The overall cost for comparison 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 "With this latest rate reduction, the retirement mortgage offers advisers a competitive solution for their customers requiring interest only borrowing into their retirement and is a flexible alternative to traditional equity release."

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."

Full details of the Retirement Mortgage are available here.

* 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.

October 2014

We are delighted to have won the Moneyfacts 2014 award for the Best Equity Release Provider for the second year running.

A successful night was rounded off with 'Highly Commended' awards for the ‘Most Competitive Annuity’ and also for 'Product Innovation' relating to the Retirement Mortgage.

A big thank you to everyone who supported and voted for us in this year's awards.

Moneyfacts Award 2014 - Best Equity Release Provider Moneyfacts Award 2014 - Most Competitive Annuity Provider Moneyfacts Award 2014 - Innovation Award
August 2014

Hodge Lifetime 2014 financial strength rating

Hodge Life has maintained its strong 'B' rating by AKG Actuaries and Consultants Ltd for the overall financial strength of the company.

Hodge Life has also been awarded the maximum 5 stars in its annual review rating, an assessment of how the brand has fared against its competitors.

Read the AKG 2014 report

June 2014

Hodge Lifetime voted top for service

Jon Tweed at the FTadviser Online Service Awards 2014
FTadviser Online Service Awards 2014 - Mortgage Lender & Packager

The recent FTadviser Online Service Awards 2014 saw Hodge Lifetime maintain top spot in the mortgage category, achieving the highest 5 star rating.

We strive to ensure we offer the best service possible and we very much appreciate the support of everyone who has voted for us once again in this years awards.

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