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


Scheme Name: Legal & General Flexible Max Plus Lifetime Mortgage Plan
Interest Rate: 5.20%
APR: 5.30%


Incentive Deal:

   

Reserve Facility

FREE Unlimited Valuation | 2% extra cashback* | 10%pa Voluntary Repayments | Higher LTV's | NO Application Fee Option** | Rate Based on Location***
   

Full details:

Legal & General Home Finance entered the equity release marketplace by announcing their acquisition of New Life Mortgages in February 2015. Newlife launched innovative products into the equity release market since 2003, where they have gained a reputation for good quality service.

The Legal & General Flexible Max Plus Lifetime Mortgage scheme is designed to give homeowners an initial tax free cash lump sum offering the highest potential release of all the L&G products. All Legal and General equity release schemes now come with an automatic drawdown facility should the maximum lump sum not be taken upfront.

There are exciting incentives to help towards set up costs including valuation and set up fees.

The interest rate is fixed for the whole term of the mortgage with interest rolling up during the lifetime of the loan.

The Legal & General Flexible Max Plus Lifetime Mortgage scheme 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 £20,000 minimum loan limit with the maximum equity release permitted being capped at £750,000. However, If you have a property in excess of this figure then we can get exceptional cases for certain properties accepted that are higher in value than £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 £4 million in London & £2 million elsewhere. For flats & maisonettes Legal and General 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 Flexible Max Plus equity release 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 0.2% 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 Plus Lifetime Mortgage quotation.