Previously this feature was only available after five years.
Hodge Lifetime has refreshed its downsizing equity release range so people can downsize from day one without incurring early repayment charges.
Previously this feature was only available after five years.
Customers can also choose between variable early repayment charges or fixing them for eight years.
Meanwhile they can opt for fee free products with a slightly higher interest rate and take advantage of higher LTV limits.
Matt Burton, managing director of mortgages for Hodge said: “The equity release market is going from strength-to-strength – Key’s Market Monitor for Q1 2019 reports an incredibly strong start to the year with £840m worth of equity released, up six percent year-on-year.
“The changes we’re making are in direct response to feedback we’ve had from customers and advisers and will give customers far more flexibility, something we think is essential for mature borrowers.
“Downsizing protection from day one is something no one else is doing but something we think will really help our customers as we found the most common reason customers repaid their mortgage was due to selling their home.
“Added to 8-year fixed ERCs, fee-free options, higher LTV limits and discounted surveys, we’re evolving our product range to suit the rapidly changing face of retirement.”
