The Legal & General Flexible Navy Voluntary Repayment Lifetime Mortgage is specifically designed for those looking for a higher maximum equity release lump sum available from L&G. The plan is simplistic in design as the Flexible Navy 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 L&G Flexible Navy plan differs from the Flexible Blue in that the size of the Navy's maximum loan it can produce is higher. As a consequence of offering a higher loan-to-value, the L&G Flexible Navy voluntary payment plan offers a higher interest rate than that of the Flexible Blue scheme.
The minimum property valuation applicable to this Flexible Navy Lifetime Mortgage is £70,000, with a figure of £100,000 for ex-council properties. A maximum property valuation outside London is £2m, with properties in London being acceptable upto £4m. Please 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 & 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 Navy 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 so on Freephone 0800 802 1051.
The minimum loan for this plan is £10,000 with a maximum release of £750,000. For loans greater than £750k,000, bespoke quotations are available via Equity Release Supermarket. Please call Freephone 0800 802 1051 for a personalised L&G Flexible Navy Key Facts Illustration.