The Legal & General Flexible Optional Payment Violet 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 product is only available for a limited period.
This Optional Payment Violet Plan has temporarily the highest interest rate within Legal & General's interest-only mortgage range. The OPLM Violet plan offers the discipline of fixed interest monthly repayments to help control the balance. The Violet Plan provides the highest maximum release than its Optional Payment Indigo counterpart (whilst available), and correspondingly higher comparable monthly payments.
A condition of the new Violet Lifetime Mortgage plans is that 80% of the maximum loan-to-value (LTV) must be taken up front as an initial advance. The maximum possible drawdown facility is therefore only 20% of the maximum loan-to-value.
The minimum property valuation applicable to this Optional Payment Violet 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 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 Violet Lifetime Mortgage is available on both a single and joint life basis. The minimum age of the youngest homeowner starts from age 60, 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 Violet plan is £10,000 (however 80% of max loan must be taken upfront) 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 Indigo Key Facts Illustration.