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Legal & General Optional Payment Graphite Rates & Details

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Optional Payment Graphite

  • Type Fixed
  • Rate 6.50%
  • APR 6.80%
  • Free Valuation
  • Free Application
  • Minimum Loan Size £10,000
  • Interest-Only Monthly Payments
  • 10%pa Optional Partial Repayments
  • Inheritance Protection Guarantee
  • 3-Year No Early Repayment Charge*
  • Downsizing Protection Feature


Legal and General Home Finance entered the equity release marketplace in early 2015 by acquiring existing lifetime mortgage company New Life Mortgages. This enabled them a quicker route to market with immediate permissions, whilst at the same time obtaining PRA & FCA regulatory approval.

Legal & General started life with a range of flexible drawdown lifetime mortgage plans and high maximum lump sum plans, all with the control-ability measure of the 10% partial repayment function. Since withdrawing the L&G equity release income plan in 2022, their focus is now on the range of drawdown and optional payment schemes, the latter is effectively an interest only lifetime mortgage. L&G are looking to fulfil the increasing demands of retirement living and develop plans to meet the expanding post-retirement lending marketplace.


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 088 5898 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 088 5898 for a personalised Key Facts Illustration.


Legal and General’s OPLM Black Plan is effectively an interest-only lifetime mortgage scheme that provides an initial tax-free lump sum cash release for immediate use, with any remaining unused cash being retained in an uncapped cash reserve facility. This is ideal for those looking to control the balance by making monthly repayments, whilst at the same time obtaining the lowest interest-only rate possible, plus access to future funds if needed in the future.

The Optional Payment Black Plan also operates with a drawdown facility. Drawdown is available should the maximum release not be taken from the outset. Thus any unused cash is retained in an uncapped cash reserve facility. This is ideal for those looking for access cash in the future, yet still being able to make monthly payments. The minimum withdrawal from the cash reserve facility is just £2,000 with no admin charges. Any further cash drawdowns would be at the interest rate applicable at the time of withdrawal.

A generous free unlimited valuation is offered along with a fixed equity release lifetime interest rate on each tranche of money withdrawn; either initially or upon each drawdown.

Legal & General include a Downsizing Protection feature on all its plans.

The L&G version of Downsizing Protection means that anyone moving home after 5 years from the plan start date, can repay the loan with no early repayment charge, as long as the property they are moving into does not meet L&G’s lending criteria.

As Legal & General are members of the Equity Release Council all their plans come with a no negative equity guarantee. Therefore, upon eventual sale of the property, any beneficiaries cannot be left with a debt, over & above the property value to the equity release provider.

For joint applicants there is an added protection feature for the last survivor of the plan. Should one homeowner die or move into care, the surviving partner has the option to be able to repay this lifetime mortgage within 3 years of either event with NO penalty.


This Legal and General Optional Payment Black Lifetime Mortgage enables homeowners to spend their tax-free cash as they wish, and allows choice over whether to pay some, or all of the monthly interest back to L&G by direct debit.

These monthly repayments can be anywhere between a minimum of £25pm, upto 100% of the interest charged each monthly by the lender. This helps manage control the future balance of the lifetime mortgage UK scheme. By choosing to pay 100% of the interest charged will help maintain a level balance, whilst opting to pay off a reduced amount will slow down any roll-up of interest. The added benefit of the Flexible OPLM Black plan is that NO proof of income, or affordability checks are required.

Monthly payments can be stopped at any time, should personal circumstances dictate. In such situations, the plan will then revert to a roll-up scheme with interest compounding each year thereafter. However, even when monthly payments cease, the L&G Optional Partial Repayment feature becomes available, allowing upto 10% of the original amount borrowed to be repaid each year with no penalty. L&G allow four repayments to be made in any 12 month period with a minimum of £500 each time. These payments do not restrict any access to a drawdown facility that may exist.

A further option for inclusion is the Inheritance Protection feature, whereby a homeowner can secure a fixed percentage of the final sale value of the property. This is important for those who wish to guarantee a percentage of the house value from their inheritance.

The plan is ideally suited to residential interest-only mortgagors with no repayment strategy and require funds for settlement of the loan, or homeowners who wish to release equity, but concerned over the interest rolling-up over their lifetime.

*The 3-year no early repayment charge applies to joint life plans where the loan is repaid within 3 years of death or long-term care of a partner
**Rate shown includes the standard application fee

To obtain further information or to request a quotation on the Legal and General Optional Payment Black Lifetime Mortgage plan, please contact the Equity Release Supermarket team on Freephone 0800 088 5898 today.

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