The Legal & General Income Max Plus Lifetime Mortgage scheme is specifically designed to help homeowners looking to increase their levels of income in retirement. The income is paid monthly and although tax-free upon receipt, HMRC do class this as an income, so therefore it can affect eligibility for means tested benefits.
There are four versions of the L&G Income scheme – Income, Income Plus, Income Max and Income Max Plus. The difference between the plans is the loan-to-values, with the maximum loan size increasing throughout the plans upto the Max Plus.
The minimum property valuation applicable to the Income 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 Freephone 0800 678 5955 if the valuation is higher.
The location of the property, which must be a main residence, needs to be situated 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 Income Max Plus Lifetime Mortgage is available on both a single and joint life basis. The minimum age of the 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 payment term for the income cannot exceed age 105.
The minimum initial loan for this plan is £2,500 which should cover initial set up costs, with a maximum initial cash release being capped at 10% of the overall loan facility offered.
Please call Freephone 0800 678 5955 for a personalised Legal & General Income Lifetime Mortgage Key Facts Illustration.