Legal & General - Flexible Lifetime Mortgage
Roll up Lifetime Mortgage
Rate: 3.89%
APR: 4.00%
Exclusive Deal:
Offers: Free Valuation offer | NO Application Fee Option* | 2% Cashback Option** | 10%pa Optional partial repayments with NO penalty | Inheritance protection guarantee | Rates Based on UK Location

Legal & General took over Newlife in early 2015, who had been providing equity release products since 2003. Legal & General has since launched the competitively priced Flexible Lifetime Mortgage plan with new features and is also funded by Legal & General themselves.

This is a drawdown lifetime mortgage scheme which is available on a single and joint life basis from the age of 55 and upto a maximum age of 90.

The Legal & General Flexible Lifetime Mortgage will accept applications with a minimum property valuation of £100,000, and ex-council houses must have a minimum valuation of £150,000. Flats & maisonettes are accounted for at 85% of their valuation when calculating the maximum equity release possible.

Properties will be considered when situated in England, Wales & mainland Scotland upto £2million in value. The exception to this is in London where properties can be considered upto a maximum of £4 million in value.Legal & General will considers exceptions to this rule on a case-by-case basis so please call the Compare Equity Release team on 0800 678 5169 if this applies.

This Legal & General drawdown scheme has a minimum initial cash advance of just £10,000 and L&G have increased their maximum loan size since Legal & General acquire NewLife to £750,000.

There is no capping placed on the size of the reserve facility which means the Legal & General equity release plan has one of the highest facilities available in the equity release market. Withdrawals from the cash reserve facility have a minimum of £2,000 and come without any further admin fees.

New features included with the L&G backed re-launch has been the Optional Partial Repayment feature which allows upto 10% repayments each year based on the original amount borrowed with NO penalty. This enables management of the future balance, with payments now being possible from the first day of the plan's commencement.

Many clients opt to either repay the interest only, thus maintaining a level balance, or even take up the full 10% option & actually reduce the balance of the mortgage effectively repaying it completely over a period of approximately 16-17 years. You equity release adviser can check this for you, hence please call for calculations.

The Legal & General Flexible Lifetime Mortgage aims to provide the lowest equity release interest rate than most other equity release plans. Therefore, should a low interest rate & maximum reserve facility be a requirement, then the L&G Flexible Lifetime Mortgage maybe a solution.

*The L&G Flexible plan is available with & without arrangement fees. Choosing the NO arrangement fee option is available until further notice.
**selecting the 2% cashback option will affect interest rate applied.
***Interest rate illustrated applies to properties located outside London & South-East England

Call the Compare Equity Release team on 0800 678 5169 for further details or a quote on the Legal & General Flexible Lifetime Mortgage.
These are lifetime mortgages and home reversion plans. To understand their features and risks, ask for a personalised illustration.

 

  • All schemes are authorised and regulated by the FCA
  • Continued ownership of 100% of your home
  • Interest rates sourced from the whole of the market
  • Continued benefit from future house price increases
  • Exclusive deals to save you money
  • Free advice with no commitment or credit checks

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These are lifetime mortgage & home reversion plans. To understand the risk & features of these plans, request a personalised Key Facts Illustration.

CompareEquityRelease.com helps you to compare and arrange equity release schemes with the following equity release companies:

Aviva | Bridgewater | Hodge Lifetime | Just Retirement | LV= | more2life | One Family | Retirement Advantage | Pure Retirement