Hodge launches drawdown lifetime mortgage
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by Gill Montia
Hodge Lifetime has launched a lifetime mortgage with the option to withdraw additional funds after completion of the loan, with the minimum amount set at just £1,000.
Borrowers can also repay 10% of the original loan plus 10% of further withdrawals made each year, without incurring early repayment charges.
Neither is an early repayment charge payable if, after five years, the loan is repaid as a result of the customer selling up and moving to a new property.
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