Resi Retire

If you’re over 50 and looking to get a mortgage, the first step is to speak to a financial adviser. They can help you understand the amount you’re able to borrow.

If you’re interested in finding out more about our Resi Retire residential mortgage, then the first step is to speak to a financial adviser – they can help find out how much you can afford to borrow and if you’re eligible to get a mortgage.

You can choose a repayment mortgage or interest only for the Resi Retire. Repayment means your monthly repayments cover the interest and the amount you’ve borrowed. At the end of the term you won’t owe anything.

For Resi Retire interest only a repayment strategy is required for when your mortgage ends. As long as you’ve kept up with your payments, the final amount you owe us will always be the same as the amount you initially borrowed, regardless of whether your home goes up or down in value.

Our Resi Retire mortgage can be interest only or repayment and has a defined end date. The retirement interest only (RIO) mortgage is interest only and will run until you (or the last borrower) goes into long term care or passes away. With our interest only options, you pay the interest as you go.

Yes. All of our mortgages are only available through Mortgages Advisers. If you don’t have an adviser, you can use unbiased.co.uk to start your search. 

You can take out our Resi Retire mortgage either solely, or with someone else. We look at a wide range of income types (like pension, investments, and rental), and your adviser will be able to help you work out the best course of action. We look at all applications on a case by case basis, and try to be as flexible as we can.

Borrowing up to 85% LTV is available on repayment or 75% on interest only subject to affordability. The minimum loan size is £20,000 and maximum is £2m for interest only and £850k for repayment. We want to make sure the Resi Retire residential mortgage remains affordable now and in the future. This is why we base the final amount we’ll lend on your ability to afford the loan. This includes your employment income (including self-employed) and retirement income that’s currently being paid, or forecast to be paid upon retirement. We’ll also look at outgoings including any loans or financial commitments already in place.

For the interest only mortgage option, it’s essential for the repayment strategy to offer you sufficient funds to repay the loan at the end of the term. This is why consulting with a financial adviser is important before deciding which mortgage product is best for your financial situation.

We review the SVR regularly. The SVR may change to reflect changes in the Bank of England base rate or changes to our funding or administration costs, economic effects and the impact of new laws or regulations. If there are changes, we’ll provide you with reasonable notice of what’s changing and how it may affect you. 

Hodge is a responsible mortgage lender, so if your circumstances change then please contact us to find out the best way forward.

Our mortgages for over 50s are portable, which means they can be transferred with a house move if you wish to move or downsize. As the borrower, you’ll be responsible for the cost of transferring your mortgage, and your new home must form suitable security for the loan.

Making your monthly repayments could impact future income levels needed to fund retirement. We encourage you to discuss retirement plans with your financial adviser to make sure you can accommodate any changes to circumstances.

If your marital status changes, we can accommodate this too.

You can repay the loan at any time, but you might incur early repayment charges if you do – depending on the circumstances.  

We try to be as flexible as we can, and we understand that things don’t always go to plan. That’s why we’ve created our Hodge Early Repayment Promise, meaning you won’t have to pay any early repayment charges if you move out of your home, and pay the mortgage off in full.  

The loans can be repaid at any time; however, an early repayment charge applies in the first five years for five year fixed rates and the first two years for two-year fixed rates.

See our product summary for full details.

During any initial fixed rate or discount period, overpayments of up to 10% can be made off the capital without incurring early repayment charges.

Our Resi Retire mortgages benefit from the Hodge Early Repayment Promise. If you repay your loan because you sell up and vacate your property permanently then we will waive the early repayment charge.

Borrowing up to 85% is available on repayment or 75% on interest only subject to affordability.

The final amount we’ll lend is based on our assessment of your client’s ability to afford the loan. We’ll look at employment income (including self-employed) and retirement income that’s currently being paid, or forecast to be paid upon retirement.

We’ll also look at outgoings including any loans or financial commitments already in place.

For Resi Retire, where your customer opts for interest only, we must be satisfied that the repayment vehicle chosen is of sufficient value to repay the mortgage at the end of the term. We’ll contact your customer during the mortgage to ensure their repayment vehicle remains credible and on track to repay the mortgage at the end of the term.

For the RIO Mortgage, the capital is repaid on death or entry into long term care.

As a responsible lender, we look at providing residential mortgage loans that remain affordable now and in the future.