Legal & General Flexible Indigo

Are You Considering the Flexible Indigo Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Flexible Indigo Key Details

Type Rate APR
Legal & General Fixed 3.97% 4.10%

Scheme Incentives

  • Cashback
  • Free Valuation
  • Free Application

Scheme Offers

  • Inheritance Protection Guarantee
  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature
Legal & General Flexible Indigo

Legal & General Flexible Indigo Review

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Legal & General Flexible Indigo, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.

However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Legal & General Flexible Indigo be the right equity release plan for you?
We’re here to help you:
Legal & General is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Legal & General?
Let’s find out!

What's Equity Release & How Does It Work?

We've summed up the most important information about the topic in this quick video.

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: What’s Equity Release & How Does It Work?

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Most popular reasons for releasing equity

Who Are Legal & General?

Legal & General Group plc, or simply Legal & General, is a British global financial services corporation based in London. Investment management,1  lifetime mortgages,2  pensions, annuities, and life insurance are some of the goods and services it offers.
Learn more about the various Legal & General equity release schemes..

Scheme Background

Legal & General (L&G) Home Finance leads the post retirement lending market with a range of equity release schemes. They offer flexible drawdown lifetime mortgage plans & high maximum lump sum plans, all with the control measure of a 10% partial repayment function.

Legal & General entered the equity release market in 2015 after acquiring 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.

Constantly innovating Legal & General has more equity release plans in store with ambitious targets to grow the market significantly over the forthcoming years.

Eligibility & Requirements

The Legal & General Flexible Indigo Lifetime Mortgage program is created particularly for people searching for one of the largest maximum equity release lump sums available. The plan is simple in concept, since the Flexible Indigo provides a one-time, tax-free release of equity for the homeowner.

However, because the plan may be utilized as a drawdown lifetime mortgage program, any unused amount is stored in a cash reserve facility. As a result, the L&G Flex Indigo Plan may be appealing to people seeking a lower initial lump amount but need the maximum drawdown facility for their future needs in retirement.

Minimum Property Valuation

The required property valuation for this Legal and General Flexible Indigo Lifetime Mortgage is £100,000, which is significantly more than the minimum for most equity release plans. Outside of London, the maximum property valuation is £2 million, with homes in London allowed up to £4 million.

Property Location Requirements

The property, which must be a primary residence, must be located in England, Wales, or mainland Scotland.

Legal and General will only base its estimates on 85 percent of the current market price for flats and maisonettes.

Furthermore, if the property is leased, the number of years remaining must be at least 185.

Single vs Joint

The L&G Flexible Indigo Lifetime Mortgage is offered as a single or joint life loan. The youngest homeowner must be at least 55 years old, with a usual maximum age of 90 years old.

In some cases, a person’s age of 90 or more may be appropriate.

Minimum Release

This plan has a minimum borrowing of £10,000 and a maximum release of £750,000.

Scheme Features

The Flex Indigo Plan from Legal and General provides an initial single capital lump amount with possible drawdown opportunities. Based on age and property value, this drawdown program delivers a larger tax-free lump sum cash release than other equity release schemes. This is great for people who want to gain access to the higher end of the loan spectrum.

The Flexible Indigo plan from Legal & General Home Finance has the largest maximum equity release amount of any of Legal & General’s lifetime mortgage products. On this system, their loan-to-value proportion starts at 24 percent at age 55 and rises to 53.0 percent at age 85 and higher.

All Legal & General plans have a Downsizing Protection feature.

Downsizing Protection with L&G implies that anybody moving home after 5 years from the plan start date can return the loan with no early repayment fee, as long as the property they are moving into does not match L&G’s lending standards.

Valuation Features

A generous free unlimited valuation is provided, as well as a fixed lifetime interest rate on the tax-free lump amount.

Early Repayment Feature

As a result, if you are in good health and want a greater maximum loan amount with the option of paying ad-hoc repayments with no income verification, the L&G Flexible Indigo plan is a suitable choice.

Equity Release Council Status

Because Legal & General Home Finance is a member of the Equity Release Council, all of their programs have a no-negative-equity guarantee. As a result, if the property is eventually sold, no beneficiaries will be left with a debt to the equity release business.

Joint Application Features

There is an additional protection provision for the plan’s last survivor for joint applicants.

If one of the homeowners dies or moves into care, the remaining spouse has the option of repaying the lifetime mortgage with no penalty within three years of the occurrence.

Scheme Options

This Legal and General Flexible Indigo Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make repayments. This aids in the management of the future balance of this lifetime mortgage UK program, allowing you to decrease the roll-up impact of the interest, pay off the interest solely, or even refund the future balance over about 16-17 years by utilizing the maximum 10% allowed.

Repayment Options

However, one aspect of this L&G plan is the Partial Repayment Option, which allows the planholder to begin repaying up to 10% of the original amount borrowed each year with NO penalty or income verification.

Inheritance Protection

Another FlexibLe Indigo option for inclusion is the Inheritance Protection function, which allows the homeowner to secure a predetermined proportion of the property’s ultimate sale value. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Application Fees

This drawdown plan may be purchased with or without a £599 setup charge. Until further notice, the NO arrangement charge option is available.

Cashback Options

The L&G Flexible Indigo Lifetime Mortgage Plan also includes the option to get a 2% payback dependent on the amount borrowed. This results in a 0.2 percent increase in the equity release interest rate.

Footnotes

*The 3-year no-early-repayment-charge period applies to joint life plans when the loan is repaid within 3 years of a partner’s death or long-term care.
** The shown rate includes the normal L&G application charge and no cashback.

Legal & General's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Legal & General.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
Brenden
Brenden
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I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
Margaret
Margaret Doyle
SovereignBoss client
I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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Janus Kern
SovereignBoss client

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

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Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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