The Legal & General Optional Payment Black Lifetime Mortgage (OPLM) is specifically designed for those looking to control their future balance by making monthly repayments of interest over a specific timescale; be it a fixed term, or over their lifetime.
The L&G OPLM Black has the lowest rate of their interest-only mortgage range and offers the discipline of fixed interest monthly repayments. The Black Plan offers a lower cash release than its Pink OPLM counterpart, but accordingly the Black Plan offers the lowest interest rate. The resultant effect of the Black OPLM plan's lower interest rate is that it therefore has the lowest comparable monthly mortgage payment.
The Legal & General Optional Payment Black Lifetime Mortgage is specifically aimed at the larger loan sector of the equity release loan market, as the main feature of this bespoke scheme is a minimum release loan size of £100,000.
The minimum property valuation applicable to this Optional Payment Blue Mortgage is £70,000, with a figure of £100,000 for ex-council properties. A maximum valuation outside London is £2m, with properties in London being acceptable upto £4m. Please. Contact us on 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 then the minimum number of years remaining must be at least 175 years.
The L&G Optional Payment Black 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 – please contact the team if this applies.
The minimum loan for this plan is £10,000 with a maximum release of £2m. For loans greater than £2m, bespoke quotations are available via Equity Release Supermarket. Please call 0800 802 1051 for a personalised Key Facts Illustration.