Legal & General Flexible Plus Lifetime Mortgage
Roll up Lifetime Mortgage

Scheme Name: Legal & General Flexible Plus Lifetime Mortgage
Interest Rate: 3.88%
APR: 4.00%

Incentive Deal:


Reserve Facility

FREE Unlimited Valuation | NO Arrangement Fee Option* | 2% Cashback Option** | 10% Optional Partial Repayment Facility | Inheritance Protection | Location Based Interest Rates***

Full details:

Legal & General have entered the equity release marketplace by announcing their acquisition of New Life Mortgages in February 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 Flexible Plus 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 competitive interest rate, but offers a higher lump sum than its Flexible Lifetime Mortgage counterpart.

This Flexible Plus Lifetime mortgage plan differs from the standard flexible plan by offering higher loan-to-value percentages and consequently a higher maximum release than its counterpart. This plan also comes with the additional benefit of a refunded valuation fee.

Legal & General offer the Flexible Plus Plan on a single or joint life basis in mainland Scotland, England and Wales. The minimum property valuation is £100,000 with ex-council houses requiring a minimum £150,000 valuation.

For flats & maisonettes Legal & General 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. Maximum property values are set at £2million across the UK with the exception being in London, where properties valued upto £4million will be considered.

Legal & General operate with a minimum age of 55 for both single & joint life applications, with an overall maximum age of 90 at inception, however applicants over age 90 will be considered.

For this Legal & General drawdown lifetime plan the minimum initial cash advance is £10,000 and a maximum equity release lump sum availability being a single lump sum of £750,000. Again, individual consideration will be given to properties over £750,000.

The Legal & General Flexible Plus drawdown lifetime mortgage aims to provide an uncapped drawdown facility for future use, with a minimum £2,000 withdrawal and no additional admin 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 enable 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.

*This plan is available with or without an arrangement fee. Choosing the NO arrangement fee option is available until further notice.
**2% cashback option incurs a 0.2% premium to the interest rate
***The interest rate illustrated is applicable to properties located outside London & South-East England

Please contact the Equity Release Supermarket team on 0800 678 5159 to request your Legal & General Drawdown Lifetime Mortgage quote.