Legal & General Flexible Max Lifetime Mortgage Plan
Roll up Lifetime Mortgage


Scheme Name: Legal & General Flexible Max Lifetime Mortgage Plan
Interest Rate: 4.55%
APR: 4.70%


Incentive Deal:

   

Reserve Facility

FREE Unlimited Valuation | 2% Cashback Option* | NO Application Fee Option** | 10%pa Partial Repayment Facility | Inheritance Protection | Location Based Rate***
   

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 Max Lifetime Mortgage scheme is designed to give homeowners a single tax free cash lump sum with a competitive interest rate & incentives towards set up costs. The interest rate is fixed for the whole term of the mortgage with interest rolling up during the lifetime of the loan.

Legal & General's Flex Max Lifetime Mortgage plan is available on a single or joint life basis. Plans start using the age of the youngest homeowner age which needs to be a minimum of 55 and maximum 90. Homeowners over the age of 90 can be referred on a case-by-case basis.

The minimum property value is £100,000, but £150,000 for ex-council houses & the plan is available on properties in England, Wales & mainland Scotland.

There is a £10,000 minimum loan limit with the maximum equity release permitted being capped at £750,000. Additional borrowing is available after 12 months from inception of the plan subject to a minimum £5,000.

Legal & General will accept property values upto £4million in London & £2million elsewhere. For flats & maisonettes Newlife will use 85% of the property value to calculate the maximum lump sum. For leasehold properties, the age of the youngest homeowner plus the remaining lease term needs to be at least 185 years.

L&G will accept optional partial repayments which can assist with managing the future balance. They allow upto a maximum of 10% repayments each year based on the original amount borrowed and these can start after 12 months from the plans inception. There is a maximum of four payments per annum with a minimum optional repayment of £500 each time.

Early repayment charges are linked to the movement in 15 year gilt rates. Thus as gilt rates fall, a charge will apply; if gilt rates rise, no early repayment charge will apply.

An added feature of the Legal & General Lump Sum plan is the Inheritance Protected Equity Guarantee which can be selected from the outset which helps protect a percentage of the final value of the property upon sale.

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

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