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Hodge launches 55+ interest-only mortgage in Scotland

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  • 01/09/2017
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Hodge launches 55+ interest-only mortgage in Scotland
Hodge Lifetime is offering its 55+ interest-only residential mortgage in Scotland from next week.

It is also running a series of workshops for advisers in September and October centred around all aspects of later life lending.

The 55+ mortgage is available to customers aged between 55 and 95, has a maximum loan-to-value (LTV) of 60% and offers a choice of two-year discounted and two- or five-year fixed-rates from 2.99%.

It is available for purchase and remortgage with affordability based on pre- and post-retirement income including employment, self-employed, rent, investment and pension.

The loan features free standard remortgage legals, a free valuation for property to the value of £350k and the option to repay capital of up to 10% per year from day one on an ad hoc basis.

 

Huge growth

Hodge Lifetime business development director Steve Cox (pictured) said there had been huge growth in the later life lending sector and with interest-only mortgages growing in popularity.

“The market continues to be fuelled by interest-only maturities from the high street as well as those older customers who can still meet affordability who want to borrow into later life at affordable rates,” he said.

“Now is the right time to widen availability of this product into Scotland to help older borrowers north of the border.”

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