Hodge Equity Release (Jan 2022)

Hodge Lifetime Mortgage Review

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

Are You Considering Hodge Equity Release? What are the Pros, Cons & Costs? Discover If Hodge Lifetime Mortgage Schemes are for You.

Before You Start Reading...

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Hodge Review

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release provider with all the choices available.

Which company is best for equity release?

Is Hodge equity release the best?

The companies we profile, are the best in the business to help you unlock the cash tied into your home.

We’re here to help you:
Let’s find out NOW!

As experts in the equity release field (we’ve reviewed more than 250 schemes!), we’ve combed the market, researched all equity release service providers and narrowed it down to who’s on top.

Is Hodge the ideal equity release loan company to assist you and your family?

What’s Equity Release?

An equity release mortgage (See What’s Equity Release?) is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care.  We’ve summed up the most important information about the topic in this quick video.

Who Are Hodge?

Hodge Lifetime is the UK’s oldest equity release provider, having created the first equity release programme1  in 1965. Julian Hodge Bank Limited provides its services.

What About the Hodge Equity Release Calculator?

Before you consider using the Hodge calculator, please take note.

Our providers can almost always match & BEAT any existing equity release quote that you find through Hodge. So first use this calculator below & see how much you can release.

How Much Can You Release?

Use the FREE Calculator 👇

 

Equity Release Calculator

Value of Your Home?

50000

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It's VERY FAST and, takes just 8 seconds

Why Consider Hodge?

Hodge Lifetime is a leading innovator in the post-retirement mortgage industry and the first to offer a mortgage specifically designed to allow homeowners to take their borrowing into retirement. They continue to narrow the gap between residential & retirement mortgages with the new Hodge Lifetime 50+ Residential mortgage, an interest-only mortgage available to borrowers who are 50 years and older.

Hodge Lifetime is a trusted provider of retirement products since its inception in 1965 and in 1991 were a founding member of the trade body SHIP (Safe Home Income Plans), known today as the ECR (Equity Release Council).

Hodge Lifestyle is most well-known for balancing solid products with social responsibility, intentionally fostering a strong connection with charity and social causes.

Hodge Pros & Cons

Hodge Pros

  • Plans available for 50+.
  • Repayment plans are available.
  • Possible early repayment charges.
  • Plans can be transferred to a new property.

Hodge Cons

  • Affordability checks are required.
  • You can only borrow from £20,000 (instead of £10,000 with many other plans).
Editor’s Rating: 4.88

Hodge’s Qualification Criteria

  • Minimum Amount of Equity Offered: £20,000
  • Maximum Amount of Equity Offered: £1.5 million
  • Minimum Age Limit: 50
  • Maximum Age Limit: 95
  • Property Minimum Value: £70,000
  • Proof of Income: Required

 

hodge

Hodge's Equity Release Plans & Lifetime Mortgage Schemes

Hodge offers a unique set of plans, including mortgages for 50+ and Retirement Interest-Only Mortgages.

Hodge 50+ Lifetime Mortgages

With the Hodge 50+ Mortgage Range, the homeowner pays the interest on the loan each month. The amount of equity the homeowner can borrow depends on their income and expenditure, and the borrower has the option of customising their repayment plan.

The maximum duration for the Hodge 50+ Residential Mortgage is up until the youngest borrower reaches the age of 95. The minimum period is 5 years, and the duration for this product is defined at the beginning, so the homeowner is required to return the loan capital at the conclusion of that time.

Selling other available properties, utilising investments, or moving to a more modest property are all examples of appropriate repayment strategies.

In contrast to equity release plans, there are no safeguards in place with this mortgage product if the borrower is unable to make payments. Therefore, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name.

Hodge RIO Fixed Mortgages

The homeowner pays the interest on the loan each month with the Hodge Lifetime 50+ retirement interest-only mortgage. The amount accessible to the borrower is directly proportional to their income and ability to repay.

There is no maximum term for the Hodge 50+ RIO Mortgage as it will run for the duration of the last surviving homeowner. However, if the homeowner does not keep up with payments, their house may be in jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, generally through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name.

Under the Hodge Lifetime range of RIO Mortgages, early repayment charges (ERCs) are always set. Early repayment penalties are established for the duration of the fixed or variable term deal (e.g. 2 or 5 years).

Hodge Features

With Hodge, more borrowing may be available, but availability and approval are not guaranteed. The available amount is closely connected to the homeowner’s capacity to afford the larger loan amount and will thus go through the same affordability verification procedure. The mortgage can also be moved to a new house as long as appropriate security is provided.

Finally, they offer mortgages in a range of fixed and variable interest rates.

Are you looking for a specific equity release scheme? These are some of the schemes offered or covered by Hodge.
Product Name Type Interest Rate The interest rate is the cost of borrowing the principal. APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan.
Hodge 50+ Mortgage - 2 Year Discount (70% LTV) Variable 3.19% 4.18%
Hodge 50+ Mortgage - 2 Year Fixed (50% LTV) Fixed 3.49% 4.4%
Hodge 50+ Mortgage - 2 Year Fixed (70% LTV) Fixed 3.29% 4.2%
Hodge 50+ Mortgage - 5 Year Fixed (50% LTV) Fixed 3% 3.9%
Hodge 50+ Mortgage - 5 Year Fixed (70% LTV) Fixed 3.5% 3.59%
Hodge 50+ Mortgage - 5 Year Fixed (75% LTV) Fixed 3.7% 4.3%
Hodge RIO - Discount 2 Year (70% LTV) Variable 3.3% 4.3%
Hodge RIO - Fixed 10 Year (70% LTV) Fixed 4.15% 4.29%
Hodge RIO - Fixed 2 Year (70% LTV) Fixed 3.4% 4.22%
Hodge RIO - Fixed 2 Year (75% LTV) Fixed 3.6% 4.4%
Hodge RIO - Fixed 5 Year (50% LTV) Fixed 3.1% 4.1%
Hodge RIO - Fixed 5 Year (70% LTV) Fixed 3.7% 3.82%
Hodge RIO - Fixed 5 Year (75% LTV) Fixed 3.9% 4.4%
Hodge RIO - Fixed Lifetime (70% LTV) Fixed 4.55% 4.72%
Product Name Type Interest Rate The interest rate is the cost of borrowing the principal. APR The APR includes not only the interest expense on the loan but also all fees and other costs involved in procuring the loan.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy-to-use table or compare the equity release rates!

Since 1965, the equity release company has specialised in the retirement market. Its built up a wealth of knowledge and a good reputation for caring about its customers while being on the cutting edge of innovation in its core retirement lending sectors.

The retirement financing and income markets are the main focus of Hodge Lifetime’s strategy. These items are well-suited to one another, and Hodge has extensive expertise in these domains. It is the firm’s goal to provide the most competitive annuity rates available. It also has one of the most diverse portfolios of retirement financing solutions, ensuring that it can meet practically every demand.

FCA Address

One Central Square
Central Square
Cardiff
South Glamorgan
CF10 1FSC F 1 0 1 F S
UNITED KINGDOM

Trading Names

  • Hodge Bank
  • Hodge
  • Hodge Lifetime
  • Julian Hodge Bank Limited

FCA Permitted Services

  • Banking
  • Mortgage & Home Finance
  • Consumer Credit
  • Investments

Regulators

  • Financial Conduct Authority
  • Financial Services Authority

Registration Numbers

  • FCA Ref Number: 204439
  • FCA Reg Number: 743437
FCA Link: FCA Link

Hodge Info

Got Questions About Hodge & Lifetime Mortgages?

Is Hodge A Member of the Equity Release Council?

What Are Hodge Equity's Interest Rates?

Who Owns Hodge Equity?

Where is Hodge Equity Located?

Conclusion

So here’s the scoop – our intention is to help you by finding the best Hodge lifetime mortgage so that you can spend the money on something that you really want, rather than on a high tax bill.

Before You Go...

Let's See How Much You Can Release 👇

 

Equity Release Calculator

Value of Your Home?

50000

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🔒 100% Secure & Fast. Takes Just 8 Seconds.

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Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

See How Much You Can Release 👇

Use the QUICK form below.

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch