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Equity Release Supermarket Compare Deals Voluntary Payment Flexible Opal

L&G Flexible Opal Details (Voluntary Payment)

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Flexible Opal

  • Type Fixed
  • Rate 5.61%
  • APR 5.80%
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Incentives:
  • Free Valuation
  • Free Application
Offers:
  • 10%pa Optional Partial Repayments
  • Inheritance Protection Guarantee
  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature

Background

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 provide a host of equity release schemes offering a combination of flexible lifetime mortgage plans and high maximum lump sum plans, all with the control-ability measure of the 10% optional partial repayment function. They have more equity release plans afoot with ambitious targets to grow the market significantly over the forthcoming years, which all bodes well for an already expanding post retirement lending market.

Eligibility

The Legal & General Flexible Opal Voluntary payment scheme is specifically aimed at the larger mortgage end of the equity release loan market, as the main feature of this bespoke scheme is a higher minimum loan size of £10,000.

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 Flexible Opal Lifetime Voluntary Payment Mortgage is available on both a single and joint life basis. The minimum age of the youngest homeowner starts at 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.

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 Freephone 0800 088 5898 for a personalised Key Facts Illustration.

Features

Legal and General's Flexible Opal Plan is a voluntary repayment lifetime mortgage scheme. This allows the homeowner to make voluntary repayments of a minimum of £500 back to Legal & General Home Finance with the main advantage being that NO proof of income is needed. Therefore, for those having difficulty obtaining residential mortgages, voluntary repayment schemes offer a non-verification mortgage alternative.

Legal and General's Flexible Opal Plan is also a drawdown lifetime mortgage scheme. This drawdown product 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 for access to largest cash drawdown amount for the future with the lowest equity release interest rate possible. The minimum withdrawal amount from the cash reserve facility is just £2,000 with no admin charges for any additional drawdown taken.

A generous free unlimited valuation is offered along with a fixed equity release lifetime interest rate on the initial lump sum. Any further withdrawals would be at the interest rate applicable at the time of withdrawal.

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 Home Finance 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 to the equity release provider.

Options

This Legal and General Opal Drawdown Mortgage enables any homeowner to spend their tax-free cash as they wish, with no need in having to make any repayments. However, one feature of the L&G Opal plan is the Optional Partial Repayment Option which allows the planholder to start making upto 10% repayments of the original amount borrowed each year with no penalty. This helps manage control the future balance of the lifetime mortgage uk scheme, either to reduce the roll-up effect of the interest, pay off the interest only or even reduce the future balance by using the full 10% allowance.

A further option for inclusion is the Inheritance Protection feature, so the 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 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 L&G application fee

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

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