The Legal & General Flexible Navy Lifetime Mortgage scheme is specifically designed for those looking for one of the higher maximum equity release lump sums available with L&G. The plan is simplistic in design as the Flexible Navy offers an initial one-off single tax-free release of equity for the homeowner.
However, as the Navy plan can operate as a drawdown lifetime mortgage scheme, should the maximum not be taken, then any unused allowance is saved in a cash reserve facility. The L&G Flexible Navy Plan therefore could also be targetted by those looking for a smaller initial lump sum, but require the highest drawdown facility for their future demands in retirement.
The minimum property valuation applicable to this Legal and General Flexible Navy Lifetime Mortgage is slightly higher than most equity release schemes at £70,000. A 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 be situated in England, Wales or mainland Scotland. For flats & maisonettes, Legal and General 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 Flexible Navy Lifetime Mortgage is available on both a single and joint life basis. The minimum age of youngest homeowner needs to be at least 60, with a typical maximum age of 90. In certain circumstances an age of 90+ can be acceptable - please contact the team if so on Freephone - 0800 802 1051.
The minimum loan for this Navy 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 Navy Key Facts Illustration.