The Legal & General Flexible Optional Payment Max Lifetime Mortgage (OPLM) is specifically designed for those looking to make monthly payments of interest for a specific term; be it a fixed term, or over the lifetime of their mortgage.
The Optional Payment Plan is at the higher end of the interest rate scale within Legal & General's interest-only mortgage range. The OPLM plan offers the discipline of fixed interest monthly repayments to help control the balance. It provides a higher maximum release than its Optional Payment Plus counterpart, and correspondingly higher comparable monthly payments.
The minimum property valuation applicable to this Optional Payment Max 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 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 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 185 years.
The L&G Optional Payment Max 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 – if so, please contact the team on Freephone 0800 678 5955.
The minimum loan for this OPLM Max 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 your personalised Key Facts Illustration.