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L&G Flexible Turquoise Details (Drawdown)

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Flexible Turquoise

  • Type Fixed
  • Rate 5.02%
  • APR 5.20%
  • Cashback
  • Free Valuation
  • Free Application
  • 10%pa Optional Partial Payments
  • Inheritance Protection Guarantee
  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature


Legal and General Home Finance entered the equity release marketplace in early 2015 by acquiring existing lifetime mortgage company New Life Mortgages. This enabled them a quicker route to market with immediate permissions, whilst at the same time obtaining PRA & FCA regulatory approval.

Legal & General have started life with a range of equity release schemes offering flexible drawdown lifetime mortgage plans and high maximum lump sum plans, all with the control-ability measure of the 10% partial repayment function. They have more equity release plans in store with ambitious targets to grow the market significantly over the forthcoming years, which all bodes well for an already expanding post retirement lending market.


The Legal & General Flexible Turquoise Lifetime Mortgage scheme is specifically designed for those looking towards a combination of higher loan-to-value and competive interest rate. The Flexible Turquoise 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 all up-front.

It differs from the Flexible Blue, which is one rung higher up on loan-to-value, due to the size of the maximum loan it can produce; with the Turquoise being lower for any given age. However, one advantage of the L&G Flexible Turquoise plan over the Blue, is that it provides a lower interest rate at the expense of loan size offered by the Flexible Blue scheme.

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 Turquoise 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 Turquoise 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.


Legal and General's Flexible Turquoise Plan offers an initial upfront cash lump sum with any unused facility then left available in a drawdown facility for future use, if required. This drawdown lifetime mortgage product provides a higher tax-free lump sum cash release than most plans. This is ideal for those looking for access to either; a high initial release with smaller drawdown facility, or those maybe requiring a smaller initial amount, but a larger than normal drawdown facility due to their future equity release requirements.

This drawdown plan offers a mid-range loan-to-value, with a mid-range interest rate of all the Legal and General Home Finance lifetime mortgage products. Therefore, if you are looking for a competitive interest rate, mid-sized loan amount with flexibility of making ad-hoc repayments with no income verification and a drawdown option, then the L&G Flexible Turquoise plan ranks very competitively.

A generous free unlimited valuation is offered along with a fixed equity release lifetime interest rate on the tax-free lump sum.

Legal & General include a Downsizing Protection feature on all its plans.

The L&G version of Downsizing Protection means that anyone moving home after 5 years from the plan start date, can repay the loan with no early repayment charge, as long as the property they are moving into does not meet L&G’s lending criteria.

As Legal & General Home Finance are members of the Equity Release Council all their plans come with a no negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt to the equity release company.

For joint applicants there is an added protection feature for the last survivor of the plan. Should one homeowner die or move into care, the surviving partner has the option to be able to repay this lifetime mortgage within 3 years of this event with NO penalty.


This Legal and General Flexible Turquoise Lifetime Mortgage enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments. However, one feature of the L&G Turquoise plan is the Partial Repayment Option which allows the planholder to start making upto 10% repayments of the original amount borrowed each year with NO penalty or income verification. This helps manage control the future balance of this lifetime mortgage UK scheme, either to reduce the roll-up effect of the interest, pay off the interest only, or even repay the future balance over 15-16 years by using the full 10% allowance.

A further Flexible Turquoise option that's included is the Inheritance Protection feature, where the homeowner can secure a fixed percentage of the final sale value of the property. This is important for those who wish to guarantee a percentage of the house value from their inheritance.

A final option with the Flexible Turquoise Lifetime Mortgage Plan is the opportunity to take a 2% cashback based on the amount taken. This does have the effect of increasing the equity release interest rate by 0.2%.

This drawdown plan is available with or without a £599 arrangement fee. The NO arrangement fee option is available until further notice.

*The 3-year no early repayment charge applies to joint life plans where the loan is repaid within 3 years of death or long term care of a partner
**Rate shown includes the standard L&G application fee and no cashback

To obtain further information or to request a quotation on the Legal and General Flexible Turquoise Lifetime Mortgage, please contact the Equity Release Supermarket team on Freephone 0800 802 1051 today.

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