L&G Equity Release options
Legal & General offer two ranges of Lifetime Mortgage plans that we will focus on in this Equity Release review – their Flexible Lifetime Mortgages and their Premier Flexible Lifetime Mortgage.
As always you will need to speak to an equity release qualified financial adviser in order to establish whether a Legal & General equity release scheme is suitable for you. You can therefore either seek the advice of your own advisor or Legal & General can put you in touch with ‘The Retirement Lending Advisers’.
The Retirement Lending Advisers are an independent company who will not charge you for any advice they give however they are only able to advise you on the Legal and General equity release schemes and not the whole of the market.
Flexible Lifetime Mortgage
The flexible lifetime mortgage gives customers the opportunity to borrow a tax-free cash sum in one go or in smaller amounts as needed.
The minimum you can borrow with these lifetime mortgages is £10,000 and the maximum will be based on your age and value of your property.
You are able to draw down a minimum of £2,000 at any time with no fees and will be charged the interest rate at the time of the drawdown; not your initial application.
The features of this flexible lifetime mortgage plan are that it comes with a no negative equity guarantee, so you will never owe more than the value of your home; you can select the inheritance protection option at no extra cost to leave a percentage of the property to family; in any 12 month period you can repay up to 10% of the amount of money you have drawn without incurring penalty fees
Premier Flexible Lifetime Mortgage
This Legal & General equity release scheme works in a similar way to the usual flexible lifetime mortgages however the minimum you can borrow is £250,000.