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 Optional Payment Blue Mortgage is £70,000, with a figure of £100,000 for ex-council properties. A maximum valuation outside London is £2m, with properties in London being acceptable upto £4m. Please. Contact us on 0800 802 1051 if 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 base their calculations on 85% of the current market valuation. Additionally, should the property be leasehold then the minimum number of years remaining must be at least 175 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.