The Legal & General Flexible Optional Payment Navy 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 Navy Plan has one of the higher interest rates within Legal & General Home Finance interest-only mortgage range. The OPLM Navy plan offers the discipline of fixed interest monthly repayments to help control the balance.
The OPLM Navy Plan provides a higher maximum release than its Optional Payment Blue plan counterpart, but lower release than the OPLM Indigo. Consequently, the OPLM Navy has a correspondingly higher comparable monthly payment than the Blue, yet lower than the OPLM Indigo.
The minimum property valuation applicable to this Optional Payment Navy Lifetime Mortgage is £70,000, with a figure of £100,000 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 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 and 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 Navy 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 802 1051.
The minimum loan for this OPLM Navy 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 802 1051 for your personalised OPLM Navy Key Facts Illustration.