The Legal & General Flexible Max 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 Flex Max 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 Max Plus in the size of the maximum loan it can produce, which is lower. However, one advantage of the L&G Flexible Max plan is that it provides a lower interest rate at the expense of loan size offered by the Lump Sum Plus scheme.
The minimum property valuation applicable to this Flexible Max Lifetime Mortgage plan is £100,000, with a figure of £150,000 for ex-council properties. The maximum property valuation outside London is £2m, with properties in London being acceptable upto £4m. (contact us on 0800 678 5955 if valuation is higher).
The location of the property which must be a main residence, needs to located in England, Wales and mainland Scotland. For flats & maisonettes Legal and General Home Finance will only make their calculations based on 85% of the 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 Max 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).
The minimum loan for this 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 678 5955 for a personalised Key Facts Illustration.