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139423
Hodge
Description
Mind Map on Hodge, created by dominic.young on 26/06/2013.
Mind Map by
dominic.young
, updated more than 1 year ago
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Created by
dominic.young
almost 11 years ago
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0
Resource summary
Hodge
what happens if you repay the loan?
early release fee (downsizing protection)
yr-1 5%. yr 2 4%...
doesnt apply if client moves how but only pays a marginal amount off.
after death or going into a home hodge allow 12mths to sell the property
admin fee of £180
variable repayment charge
to reflect the cost that arises if you repay your loan earlier than expected and we have to unwind this funding arrangement.
90-youngest age * The difference in the long term interest rate between the time you took out and repaid your loan
flexible repayment option
after the first anniversay can repay 10% of the initial amount each year
key features of hodge
can draw down as little as £1000
this reserve can get removed, if it does then no repayment charge can be applied
draw down auto set up on whats left for client with ltv
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