New lifetime mortgage considered by Hodge.
Hodge Lifetime has advised that it is considering releasing a drawdown lifetime mortgage product.
The aim of the new product is to allow mortgage-holders access to several smaller amounts of cash throughout the mortgage term, as opposed to the release of the whole lumpsum at the start.
Neither the launch date nor product details have yet been confirmed, however the lender is proposing as part of its product features to allow penalty free 10% annual repayments.
Customers will also be able to repay their mortgage without incurring an early redemption charge if the property is sold after 5 years.
The lender has also advised that its lumpsum lifetime mortgage rates have been cut by 0.3% which means that it now offers a rate of 5.83%.
A spokesperson for the lender commented saying that is considering introducing drawdown products because flexible lending is at the core of its ethos. The spokesperson added that if Hodge goes ahead with the new product launch it will be building on an already flexible mortgage range.
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