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Hodge Lifetime improves its interest-only retirement mortgage

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Hodge Lifetime has lowered the rate on its tax free lump sum interest-only retirement mortgage.

The rate is fixed for five-years at 4.39% and it reverts to the lenders variable rate currently 4.2%. The overall cost for comparison is 4.2% APR. 

Hodge will typically assess affordability based on projected pension income and investments.

The maximum loan-to-value is 50% of the property value and overall lending is capped at £500,000.

Hodge Lifetime managing director Deian Jones told Mortgage Strategy: “As options for customers looking to borrow in retirement have reduced, especially on an interest-only basis, this latest rate reduction offers advisers a competitive and flexible solution for those customers.”

There is a £995 arrangement fee and early repayment charges apply for five-years. The age of the youngest applicant is 55 and the maximum age is 80.

If you would like help to secure an equity release, call Trinity Financial's specialist equity release broker on 020 7016 0790.

As seen in
sunday times telegraph financial times bbc news the express the times
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