Hodge will continue to offer exclusively via intermediaries, its Lifetime Mortgage and Home Reversion Plans, and as of 31 December 2009 the Flexible Mortgage Option will no longer be available to new customers.
Recognising changing customer circumstances during 2009, Hodge Lifetime has taken the decision to replace its Flexible Mortgage Option and will be developing and launching a new product during 2010.
Quotes for the Flexible Mortgage Option will be available up until 31 December and will be honoured for 30 days. Clients with existing plans will be unaffected.
Jon King, managing director, Hodge Lifetime commented: “As an equity release provider which has been in the market for almost 45 years, Hodge Lifetime has been at the forefront of product innovation. This latest decision reflects our insight into the changing nature of equity release requirements going forward and we look forward to launching a new product in 2010.”