Legal & General Premier Flexible Lifetime Mortgage
Scheme Name: Legal & General Premier Flexible Lifetime Mortgage
Interest Rate: 3.92%
Voluntary Repayments upto 10%pa with NO Penalty | Inheritance Protection Guarantee | £250,000 Minimum Loan
Legal & General have entered the equity release marketplace by announcing their acquisition of New Life Mortgages in 2015. Newlife had been launching innovative products into the equity release market since 2003 where they have gained a reputation for good quality service.
The Legal & General Premier Lifetime Mortgage plan is a drawdown lifetime mortgage where Legal & General aim to become a major lifetime mortgage provider in the equity release market, now they are funding their own products. The plan is a drawdown lifetime mortgage with a very competitive interest rate & is the lowest in the L&G product range.
The plan is geared towards larger loans as the minimum release is £250,000 and comes with one of the lowest lifetime mortgage rates in the market.
This Premier Flexible Lifetime mortgage plan is available on a single or joint life basis in mainland Scotland, England and Wales.
For flats & maisonettes the Legal & General Flexible Lifetime Mortgage will base the loan-to-value on 85% of the valuation. For leasehold properties, the age of the youngest homeowner plus the remaining lease term needs to be at least 185 years.
There is no minimum property value on this product with the maximum property values are set at £4million across the UK. Properties over £4m can still be considered upon referral to L&G.
Legal & General operate with a minimum age of 60 for both single & joint life applications, with an overall maximum age of 90 at inception, however older cases can be referred.
For this Legal & General drawdown plan the minimum initial cash advance is £250,000 and a maximum equity release availability being a single lump sum of £2,000,000. However, equity release cases above £2m figure can be considered on an individual basis.
This Legal & General Flexible drawdown lifetime mortgage aims to provide an uncapped drawdown facility for future use, with a minimum £2,000 withdrawal and no additional administration fees involved.
A new feature for Legal & General is the Optional Partial Repayment facility which allows repayments of upto 10% of the original amount borrowed each year with NO penalty. This enables control of the future balance, whether it's to clear just the interest only or even reducing the mortgage balance by utilising the maximum 10% repayment facility.
There is also an Inheritance Protection option where at inception of the plan the homeowner can secure a fixed percentage of the final value of the property upon sale.
Please contact the Equity Release Supermarket team on 0800 678 5159 for exact details of the interest rate applicable or to request your Legal & General Premier Flexible Lifetime Mortgage quote.