Eligibility
The Legal & General Flexible Violet Lifetime Mortgage scheme is specifically designed for those looking for the highest maximum equity release lump sum available. The plan is simplistic in design as the Flexible Violet offers an initial one-off single tax-free release of equity for the homeowner. As a condition of this Violet loan, which is only for a limited period, 80% of the maximum loan-to-value (LTV) must be taken up front as an initial advance. The maximum possible drawdown facility is therefore 20% of the maximum LTV.
However, as the 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 Violet Plan therefore could also be targetted by those looking for a higher maximum initial lump sum.
The minimum property valuation applicable to this Legal and General Flexible Violet Lifetime Mortgage is slightly higher than most equity release schemes at £100,000. 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 Violet Lifetime Mortgage is available on both a single and joint life basis. The minimum age of youngest homeowner needs to be at least 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 Freephone - 0800 802 1051.
The minimum loan for this plan is £10,000 (however 80% of max loan must be taken upfront) with a maximum release of £750,000. For loans greater than £750k bespoke quotations are available via Equity Release Supermarket. Please call 0800 802 1051 for a personalised Flexible Indigo Key Facts Illustration.
