The Legal & General Flexible Teal Lifetime Mortgage scheme is specifically designed for those looking towards a combination of higher loan-to-value and competive interest rate. The Flexible Teal plan, is designed to provide a one-off lump sum, and offer the availability of a drawdown for those who decide not to take the maximum lump sum up-front.
It differs from the Flexible Turquoise, which is one rung higher up on loan-to-value (LTV) table, due to the size of the maximum loan it can produce; with the Teal plan having a lower loan amount for any given age. However, one advantage of the L&G Flexible Teal plan over the Turquoise, is that it provides a lower interest rate at the expense of loan size.
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 Flex Teal 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 Teal 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 Turquoise Key Facts Illustration.