The Legal & General Flexible Optional Payment Teal 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 Teal Plan sits in the mid-range of the interest rate scale within Legal & General's interest-only mortgage range, but also comes with a mid-range loan-to-value ratio for lump sum calculations. The OPLM Teal plan offers the discipline of fixed interest monthly repayments to help control the balance. It provides a higher maximum release than the Optional Payment Turquoise, but correspondingly higher interest rate and correspondingly higher comparable monthly payments.
The minimum property valuation applicable to this Optional Payment Teal Lifetime Mortgage is £100,000 with a maximum property valuation outside London being £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 & maisonettes - Legal and General will only base their calculations on 85% of the current market valuation. Additionally, should the property be leasehold, to be acceptable, the age of the youngest applicant at completion, plus remaining lease term, must be
at least 185 years.
The L&G Optional Payment Teal 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 Teal 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 Turquoise Key Facts Illustration.