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) 4.09% 4.29%
Interest rate type Fixed rate for life Fixed rate for life
Interest rate guarantee n/a n/a
Overall cost for comparison 4.26% APR 4.46% APR
The actual rate available will depend on your circumstances.
Ask for a personalised illustration.
Additional features

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 age
(youngest applicant)
60 60
Maximum age
(youngest applicant)
85 85
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)
20%-45% 20%-45%
Plus Loan to Value
(on youngest age)
n/a n/a
Minimum loan £20,000 £15,000 plus £5,000 Cash Withdrawal Option
Maximum Loan £500,000 £500,000
Arrangement fee £595 £595
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 4.29% monthly 4.46% APR
Flexible Mortgage Option* 6.30% monthly 6.5% APR

* No longer available for new business applications

These products are lifetime mortgages. To understand their features and risks, ask for a personalised illustration.