The Legal & General Flexible Blue Lifetime Mortgage scheme is specifically designed for those looking towards the higher loan-to-value end of the market where the maximum equity release lump sums become available. The Flexible Blue plan, initially designed as a one-off lump sum scheme, now offers the availability of drawdown for those who decide not to take the maximum all up-front.
It differs from the Flexible Indigo in the size of the maximum loan it can produce, which is lower. However, one advantage of the L&G Flexible Blue plan is that it provides a lower interest rate at the expense of loan size offered by the Flexible Indigo scheme.
The minimum property valuation applicable to this Flexible Blue Lifetime Mortgage plan is £70,000, with a figure of £100,000 for ex-council properties. The maximum property valuation outside London is £2m, with properties in London being acceptable upto £4m. Please contact us on 0800 802 1051 if your valuation is higher.
The location of the property, which must be a main residence, needs to reside in England, Wales or mainland Scotland. For flats and maisonettes, Legal and General will only make their calculations based on 85% of their current market valuation. Additionally, should the property be leasehold, then the minimum number of years remaining must be at least 185 years.
The L&G Flex Blue Lifetime Mortgage plan is available on both a single and joint life basis. The minimum age of youngest homeowner starts from age 55, with a typical maximum age of 90. In certain circumstances an age of 90+ can be acceptable - please contact the team if so on 0800 802 1051.
The minimum loan for this Blue plan is £10,000 with a maximum release of £750,000. For loans greater than £750k,000, bespoke quotations are available via Equity Release Supermarket. Please call 0800 802 1051 for a personalised Flexible Blue Key Facts Illustration.