Hodge RIO - Fixed 5 Year (75% LTV)

Are You Considering the RIO – 5 Yr Fixed (75% 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 RIO - Fixed 5 Year (75% LTV) Review

RIO – 5 Yr Fixed (75% LTV) Key Details

Type Rate APR
Hodge Fixed 3.9% 4.40%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • 5-Year Fixed Rate
  • Interest-Only Mortgage
  • Maximum LTV – 75%
  • 5-Year Early Repayment Charges
Hodge RIO – Fixed 5 Year(75% LTV)

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 RIO - Fixed 5 Year (75% 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 in’s and out’s of equity release, as you deserve only the best.

However, 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 RIO – Fixed 5 Year (75% 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!

What's Equity Release?

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

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 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?

How Much Can You Release?

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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 programme1  in 1965. Julian Hodge Bank Limited provides its services.
Learn more about the various Hodge equity release schemes..

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 product is offered to residential homeowners aged 50 and over who own a property with a minimum valuation of £100,000 and a maximum valuation of £3 million outside of London and up to £5 million inside London and high value designated regions. Bespoke quotes may be provided for properties worth more than £5 million; therefore, call Equity Release Supermarket on Freephone 0800 802 1051 for your customised Key Facts Illustration.

The amount available for borrowing is directly proportional to the homeowner’s capacity to make loan repayments. This is determined by income and affordability. As a result, evidence of income and spending will be required to justify the amount of borrowing requested.

Hodge Lifetime will take a minimum RIO loan of £20,000, up to a maximum mortgage amount of – £1.5m or 70% of the house value, or the amount considered manageable depending on the homeowner’s specific circumstances (s). Your equity release adviser will generally qualify this with access to Hodge’s online calculating tools and Decision in Principle verification.

Please contact us immediately on Freephone 0800 802 1051 for your Hodge 50+ RIO Mortgage – 2-year fixed quotation from Equity Release Supermarket.

Employment, investment and rental income, and pension earnings are all eligible sources of income. If the application is shared, Hodge will carefully underwrite on the condition that any second party maintain affordability in their single name. Furthermore, if work income is employed, affordability must be demonstrated if this source of income ends.

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 RIO Mortgage product, a property must be situated in England, mainland Scotland, or Wales and be constantly occupied by the homeowner. For financing reasons, the property must be of conventional construction and in good condition, as determined by an independent surveyor designated by Hodge Lifetime.

Minimum Property Valuation

Hodge life plan updates are still in the works. We will give an update soon.

Property Location Requirements

Hodge life plan updates are still in the works. We will give an update soon.

Single vs Joint

Hodge life plan updates are still in the works. We will give an update soon.

Minimum Release

Hodge life plan updates are still in the works. We will give an update soon.

Scheme Features

The homeowner pays the interest on the loan each month with the Hodge Lifetime 50+ RIO 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. There is no need for any repayment strategy such as endowment, investment or repayment basis. The loan is an interest only lifetime mortgage with no end date set.

The Hodge 50+ RIO Mortgage has no maximum term since it will last as long as the last surviving homeowner. There is no requirement for any type of payback scheme, such as endowment, investment, or repayment basis. The loan is an interest-only lifetime mortgage with no specified expiration date. In order to use this program, homeowners must be certain that their income will be substantial and consistent enough to satisfy their payment commitments.

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. 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.

Under the Hodge Lifetime range of RIO Mortgages, early repayment costs (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).

Valuation Features

Hodge life plan updates are still in the works. We will give an update soon.

Early Repayment Feature

Hodge life plan updates are still in the works. We will give an update soon.

Equity Release Council Status

Hodge life plan updates are still in the works. We will give an update soon.

Joint Application Features

Hodge life plan updates are still in the works. We will give an update soon.

Scheme Options

With Hodge’s 55+ RIO Mortgage, additional borrowing may be possible, 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 55+ RIO Mortgage is available in a range of fixed and variable interest rates. The rate shown above is for a 5-year fixed rate mortgage. For the most up-to-date interest rates, call the Equity Release Supermarket team at 0800 802 1051.

Repayment Options

Hodge life plan updates are still in the works. We will give an update soon.

Inheritance Protection

Hodge life plan updates are still in the works. We will give an update soon.

Application Fees

Hodge life plan updates are still in the works. We will give an update soon.

Cashback Options

Hodge life plan updates are still in the works. We will give an update soon.

Footnotes

Hodge life plan updates are still in the works. We will give an update soon.

Editor’s Rating: 4.85

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!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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.

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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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Rachel Wait
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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.
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Written 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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Written by
Katherine Read
Financial Planning Reporter

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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Written by
Nicola Date
Writer & Financial 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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