The Legal & General Flexible Optional Payment Max Plus 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.
This Optional Payment Plan has the interest rate within Legal & General's interest-only mortgage range. The OPLM plan offers the discipline of fixed interest monthly repayments to help control the balance. The Max Plus provides the highest maximum release than its Optional Payment Max counterpart, and correspondingly higher comparable monthly payments.
The minimum property valuation applicable to this Optional Payment Max Plus 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 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 – 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.