Hodge 50+ Mortgage - 2 Year Fixed (50% LTV)

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

Are You Considering the 50+ Mortgage – 2 Yr Fixed (50% LTV) Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Hodge 50+ Mortgage - 2 Year Fixed (50% LTV) Review

50+ Mortgage – 2 Yr Fixed (50% LTV) Key Details

Type Rate APR
Hodge Fixed 3.49% 4.40%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • 2-Year Fixed Rate
  • Interest-Only Mortgage
  • Max LTV – 75%
  • 2-Year Early Repayment Charges

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

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

Or is it?

Is the Hodge 50+ Mortgage - 2 Year Fixed (50% LTV), equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the ins and outs of equity release, as you deserve only the best.

However, it’s important to remember that not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Hodge 50+ Mortgage – 2 Year Fixed (50% LTV) be the right equity release plan for you?
We’re here to help you:
Hodge is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Hodge?
Let’s find out!
Hodge 50+ Mortgage – 2 Year Fixed (50% LTV)

What’s Equity Release?

An equity release mortgage 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. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over the age of 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

We’ve summed up the most important information about the topic in this quick video.

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Most popular reasons for releasing equity

Who Are Hodge?

Hodge Lifetime is the UK’s oldest equity release provider, having created the first equity release programme1Â in 1965. Julian Hodge Bank Limited provides its services.

Scheme Background

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.

Eligibility & Requirements

This program is offered to homeowners over the age of 50 who own their primary house. The quantity of borrowing available is closely connected to the homeowner’s capacity to afford the loan payments, which is based on income and outgoings. If the homeowner’s loan term extends past their projected retirement date, the borrower must have an acceptable amount of ongoing retirement income to be considered eligible for this product. As a result, evidence of income and expenses will be required to justify the amount borrowed.

The maximum mortgage amount that may be financed is the lesser of £1,500,000 or 75% of the property worth, or the amount considered affordable depending on the homeowner’s specific circumstances (s). This is often certified by your equity release adviser, who will have access to Hodge’s online calculating tools, and followed by a Decision in Principle for verification. Please call us immediately at 0800 802 1051 for your Hodge 50+ Residential Mortgage quotation.

Employment, investment and rental income, and pension earnings are all eligible sources of income. If the homeowner’s job income expires before the end of the repayment period, he or she must still be able to afford the mortgage and must provide evidence that affordability can be maintained.

Adverse credit, such as arrears, defaults, and CCJs, is allowed depending on the amount, duration, and degree of credit registered. To verify your eligibility, please call the Equity Release Supermarket team at 0800 802 1051.

To be eligible for this product, a property must be located in England, mainland Scotland, or Wales and be continually occupied by the homeowner. It must be of conventional construction and in good condition, as determined by an independent surveyor authorized by Hodge Lifetime.

Scheme Features

The homeowner pays the interest on the loan each month with the Hodge Lifetime 50+ Residential mortgage. The quantity accessible to the borrower is proportional to their income and outgoings. The borrower has the option of selecting the repayment period for the money borrowed, allowing the homeowner some freedom in determining their payment 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.

There must be a proper mechanism in place for returning the loan capital at the conclusion of the mortgage term, as determined by Hodge Lifetime. Selling other available properties, utilizing 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. This is a conventional mortgage, which means there are no safeguards in place if anything unforeseen happens, prohibiting the homeowner from making payments. In order to use this program, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

With this product, the loan period is set, thus the homeowner is required to return the loan capital at the end of that time. The homeowner is responsible for making all monthly interest payments as they become due until the conclusion of the mortgage term. This implies that if the homeowner does not keep up with payments, their house may be at 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.

Scheme Options

With Hodge Lifetime’s 50+ Residential Mortgage, 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.

The Hodge 50+ Residential mortgage is available in a range of fixed and variable interest rates. The rate shown above is for a 2-year fixed rate mortgage; however, fixed rates are also available; thus, contact the Equity Release Supermarket team for the most current interest rates available.

Editor’s Rating: 4.87

Hodge's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Hodge.

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 interest rates on equity release!

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.

HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

See how much you can release today!

How Much Can You Release?

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As Featured In
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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.
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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.
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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.

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