The Legal & General Flexible Plus Lifetime Mortgage scheme is specifically designed for those looking for one of the lowest equity release interest rates, coupled with the flexibility of a lifetime drawdown scheme. It offers a higher maximum release than its Flexible Plan counterpart, but at the expense of a slightly higher interest rate.
The minimum property valuation applicable to this Flexible Plus Lifetime Mortgage is £100,000, with a figure of £150,000 for ex-council properties. A 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, shall need to reside in England, Wales and 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 Plus Lifetime Mortgage 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 £750,000, bespoke quotations are available via Equity Release Supermarket. Please call 0800 678 5955 for a personalised Key Facts Illustration.