The Legal & General Flexible Teal Lifetime Mortgage scheme is specifically designed for those looking towards a combination of higher loan-to-value and competive interest rate. The Flexible Teal plan, is designed to provide a one-off lump sum, and offer the availability of a drawdown for those who decide not to take the maximum lump sum up-front.
It differs from the Flexible Turquoise, which is one rung higher up on loan-to-value (LTV) table, due to the size of the maximum loan it can produce; with the Teal plan having a lower loan amount for any given age. However, one advantage of the L&G Flexible Teal plan over the Turquoise, is that it provides a lower interest rate at the expense of loan size.
The minimum property valuation applicable to this Flexible Teal Lifetime Mortgage plan is £70,000, whilst the maximum property valuation outside London is £2m, with properties in London being acceptable upto £4m. Please contact us on 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, to be acceptable, the age of the youngest applicant at completion, plus remaining lease term, must be
at least 185 years.
The L&G Flex Teal Lifetime Mortgage plan is available on both a single and joint life basis. The minimum age of 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 0800 802 1051.
The minimum loan for this Teal 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 0800 802 1051 for a personalised Flexible Turquoise Key Facts Illustration.