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Hodge Lifetime cuts lifetime mortgage rate by 0.3%

Hodge Lifetime is reducing the rate on its lump sum lifetime mortgage by 0.3 per cent, from 6.13 per cent to 5.83 per cent, tomorrow.

The product, which lauched in April, allows customers to pay off up to 10 per cent of their initial loan each year without incurring early repayment charges. Customers can also repay the loan in full without incurring ERCs after five years if they sell the property.

Hodge charges a £595 arrangement fee and will lend between £20,000 and £500,000.

Consumer Credit Counselling Service equity release manager Tom Moloney says: “Many of our clients want to use equity release as part of their retirement planning but only if they can manage the associated long-term cost.

“This reduction in interest rate will allow more clients the affordability to manage this cost and should therefore allow us to engage the client with a more viable solution.”


Online comments from last week

Online comments relating to article: Over half of PPI claims firms could leave industry This is pretty amusing. Finally, the Ministry of Justice is delivering some justice. It is just morally wrong what claims management companies have been doing. The general public have been stung once by financial institutions misselling PPI and stung twice by […]

Architas adds risk-profiling to fund range

Architas is offering the option to map its funds to the FinaMetrica risk profiling scale, to help advisers match their FinaMetrica risk-profiled clients with Architas funds. It will apply to all Architas funds, which includes the MA Active, MA Passive and recently launched MA Blended ranges. Architas head of business development Cedric Bucher says: “Whilst […]

Ignis appoints Barings’ GEM fund manager

Ignis Asset Management has poached Barings Asset Management fund manager Mark Julio as portfolio manager for emerging market equities. Julio was lead manager of various emerging market segregated mandates as well as lead manager on the Baring Emerging Markets Opportunities fund. He also co-managed the Baring Emerging Markets fund and Baring Global Emerging Markets fund. […]

Mortgage analysis: Will we see a big remortgage bounce?

A rise in remortgage lending and an optimistic forecast for the rest of the year offered a rare piece of good news last week but experts are still cautious about future growth. The LMS Remortgage Report estimates remortgage lending for July rose 13 per cent compared with June, from £3.1bn to £3.5bn. Signs of market […]


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