Legal & General - Premier Flexible Lifetime Mortgage
Roll up Lifetime Mortgage
Rate: 3.85%
APR: 3.89%
Exclusive Deal:
Offers: NO Application Fee | 10%pa Voluntary Partial Repayment Option | Minimum Loan Size £250,000 | Inheritance Protection Guarantee | Location Based Interest Rate*

Legal & General Home Finance entered the equity release marketplace in 2015 when they first announced their acquisition of NewLife Mortgages. Newlife had been providing unique and innovative retirement products since 2003 and had solidified a reputation for quality and dependable service.

The Legal & General Home Finance Premier Flexible Lifetime Mortgage offers the lowest interest rate from the whole of their product range.

The Premier Flexible Plan is a drawdown lifetime mortgage product that offers the lowest interest rate of all products offered by this lender. The product offers key features that are attractive to homeowners, who are concerned about the impact of interest roll-up or leaving behind an inheritance to loved ones.

To be eligible for this product, the homeowner should be between the ages of 55 and 90. The minimum loan amount granted is £250,000 with the maximum being £2,000,000 though this maximum threshold can be reviewed on a case-specific basis. The loan amount available to each individual homeowner is determined by the youngest homeowner’s age and the value of their property.

There is no minimum valuation imposed on the property. The maximum threshold is £4,000,000 but if the property has a higher valuation, it can still be reviewed if it has been accompanied by a referral. If it is a flat or maisonette, only 85% of the property value is taken into account.

In order to be eligible, the property must be located in England, Mainland Scotland, or Wales and be the applicants main residence.

This product comes with a number of innovative features. To start, there is a drawdown facility available. The amount available for drawdown is capped out at the maximum LTV available less the initial advance received by the homeowner. The drawdown can be requested by the homeowner at any point with the minimum amount that can be taken being £2,000. The interest on any drawdown amounts is charged at the fixed rate that applies at the time of the individual drawdown.

Two other features of this product are the inheritance protection and the no negative equity guarantee, both which come standard with the Premier Flexible Plan. The no negative equity protection ensures that if the final sale of the home does not satisfy the loan obligation, the estate is not left with any outstanding debt so long as the property was sold for a reasonable price. So, beneficiaries are not left with any debt to be paid.

The inheritance protection that comes with the Premier Flexible Plan ensures that the homeowner can protect a percentage of their property value right at the start of their loan process.
Another interesting feature of this product is that it is portable. So, the homeowner is allowed to move their lifetime mortgage to another property so long as the property satisfies the property eligibility guidelines.

Lastly, one of the most attractive features of this product is its option partial repayment option. This feature allows homeowners to repay up to 10% of the amount drawn without incurring any early repayment charges. They can do this through making up to four repayments each year. Every payment made must be at least £500 each. The homeowner can start making payments as soon as their loan is completed, and their 10% allowance is renewed each year on the anniversary of the loan completion.

Additional borrowing requests can also be made with this product, though the homeowner must wait at least 12 months before applying.

This product is available for both single and joint lives with loan-to-values starting from age 55 at 10% on both single and joint life basis, and they go upto 39.5% for borrowers aged 85 and over.

This product is ideal for the homeowner who wants to take advantage of a lifetime mortgage but is also concerned about the impact of interest roll-up. By having the ability to make voluntary repayments, the homeowner is able to control their loan balance. And they are not forced to adhere to a payment schedule to do so, as all payments are voluntary and not required.

*The interest rate illustrated is applicable to properties located outside London & South-East England

Call the Compare Equity Release team on 0800 678 5169 for further details, or to request a quote on the Legal & General Premier 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