The Legal & General Flexible Blue Voluntary Repayment Lifetime Mortgage is specifically designed for those looking for one of the maximum equity release lump sums available. The plan is simplistic in design as the Flexible Blue plan offers an initial single tax-free release of equity. If the maximum release isn't taken, then any unused allowance is saved in a cash reserve facility for future use, if required.
The Flexi Blue plan differs from the Flexible Indigo in that the size of the Blue's maximum loan it can produce is lower. However, one advantage of the L&G Flexible Blue voluntary payment plan is that it provides a lower interest rate at the expense of loan size offered by the Flexible Indigo scheme.
The minimum property valuation applicable to this Flexible Blue Lifetime Mortgage is £70,000, with a figure of £100,000 for ex-council properties. The maximum property valuation outside London is £2m, with properties in London being acceptable upto £4m. Contact us on Freephone 0800 802 1051 if your valuation is higher.
The location of the property, which must be a main residence, needs to reside in England, Wales or mainland Scotland. For flats and maisonettes, Legal and General will only make their calculations based on 85% of their 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 Flexible Blue Voluntary Payment 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 size for this plan is £10,000, with a maximum release available of £750,000. For loans greater than £750,000, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 802 1051 for a personalised Key Facts Illustration.