Lifetime Mortgage Option
Summary of Current Charges
Interest rate:
Interest rates are based on prevailing market conditions. The interest rate for the Lifetime Mortgage Option is fixed at the outset and will not change throughout its term.
Application fee:
An application fee will be deducted from the cash sum paid to you on completion. A firm of Solicitors will act for Hodge Lifetime in arranging this lifetime mortgage. Any charges for this are included in the application fee.
Broker fee:
Your Broker will advise you of any fee payable, and whether or not it is refundable.
Legal fees:
Legal fees and costs charged by your own solicitor are your responsibility, even if the plan does not complete for any reason.
Valuation fee:
At application stage, you will be asked to pay towards the cost of property valuation. Your contribution will depend on the estimated property value. Once a survey inspection has been made, there will be no refund of fee, even if the application is not completed.
If you apply for additional borrowing, the cost of revaluation will be your responsibility.
Guarantee against "Negative Equity"
You will never owe us more than your property
is worth. This guarantee is free of charge.
Early repayment charge:
An early repayment charge of 5% of the capital amount repaid will apply during the first ten years of the loan.
Other costs:
If it should be necessary for Hodge Lifetime to take over the sale of the property, any costs involved would be charged to the planholder.
This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Next: Shared Growth Option
Find out more about
Hodge Lifetime by calling our
Broker Support Unit on:
0800 731 4076