Legal & General entered the equity release market by acquiring existing provider Newlife Mortgages who had been providing equity release products since 2003. Legal & General have now launched the Flexible Blue Lifetime Mortgage following new funding by Legal & General themselves.
This Flexible Blue lifetime mortgage scheme is aimed towards those looking for a higher lump sum release and in good health. No monthly payments are required. Should the maximum release not be taken, the remainder will be held in a drawdown facility and the product meets Equity Release Council guidelines.
Legal and General will now accept Optional Partial Repayments of upto 10% of the original amount borrowed with NO penalty. Therefore, the future balance of their plans can now be controlled, whether its to pay the interest accrued & maintain a level balance or even use the full 10% allowance & reduce the balance over the long term.
The L&G Flexible Blue plan is available on a single and joint life basis for those residents in England, Wales & mainland Scotland. All Legal & General lifetime mortgage plan now start at age 55 and has a maximum age of 90 at application.
The competitively priced interest rate is fixed for the longevity of the lifetime mortgage term.
There is a standard minimum property value of £100,000, yet a minimum of £100,000 for ex-council houses. Property values are acceptable upto £2 million and Legal and General will consider properties upto £4 million in London and even beyond, on a case-by-case basis.
For flats & maisonettes Legal and General will use 85% of the property value in calculating the maximum lump sum.
The lowest possible lump sum withdrawal is £10,000 with an overall maximum equity release lump sum of £750,000. Legal & General will allow additional borrowing, subject to a minimum £5,000 release.
All Legal & General lifetime mortgage plans now include Downsizing Protection to all existing and previously arranged plans.
This means should you move home after 5 years following the start date of the L&G lifetime mortgage the loan can be repaid without any early repayment charge. This is so long as the property they are moving into doesn’t meet L&G’s property lending criteria.
Anyone aged over 55, in good health and looking for the maximum equity release, should consider this Legal & General Flexible Blue equity release plan as at most age groups L&G will offer one of the highest maximum lump sums possible.
*Actual rate for taking the cashback offer will result in an increase of 0.2% to the standard interest rate.
**The L&G Flexible Blue plan is available with & without arrangement fees.
For your free Legal & General Flexible Blue Lifetime Mortgage quote, call the Compare Equity Release team on 0800 028 3142 today.