Legal & General Flexible Navy

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

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Legal & General Flexible Navy Review

Flexible Navy Key Details

Type Rate APR
Legal & General Fixed 3.7% 3.80%

Scheme Incentives

  • Cashback
  • Free Valuation
  • Free Application

Scheme Offers

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

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 Navy, 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 Navy 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?

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.

Learn More: What’s Equity Release?

How Does Equity Release Work?

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: How Does Equity Release 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 Navy Voluntary Repayment Lifetime Mortgage is particularly intended for customers seeking a larger maximum equity release lump amount from L&G. The Flexible Navy plan is simple in design, as it allows a single tax-free release of equity. If the maximum release is not used, any unused allowance is stored in a cash reserve facility for future use if necessary.

The L&G Flexible Navy plan varies from the Flexible Blue in that the Navy’s maximum loan size is larger. Because it has a greater loan-to-value ratio, the L&G Flexible Navy voluntary payment plan has a higher interest rate than the Flexible Blue scheme.

Minimum Property Valuation

The minimum property valuation for this Flexible Navy Lifetime Mortgage is £100000, with an ex-council property worth of £100000. 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 the primary residence, must be located in England, Wales, or mainland Scotland. Legal & General will only calculate the value of flats and maisonettes based on 85 percent of their current market value. Furthermore, if the property is leased, the minimum number of years remaining must be at least 185.

Single vs Joint

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

Minimum Release

This plan has a minimum borrowing of £10000 and a maximum release of £750000.

Scheme Features

Legal and General’s Flexible Navy Plan is a lifelong mortgage with optional repayments. This permits the homeowner to make voluntary repayments of at least £500 to Legal & General, with the major benefit being that no evidence of income is required. As a result, for people who are unable to acquire traditional residential mortgages, voluntary repayment plans provide a non-verification mortgage option.

The Navy Plan gives an initial tax-free lump sum cash release for immediate use as a drawdown, with any leftover unused funds held in an unlimited cash reserve facility. This is perfect for individuals seeking future access to substantial cash withdrawal amounts at one of the lowest equity release interest rates available. The minimum withdrawal amount from the cash reserve facility is only £2000, and there are no admin fees for any additional drawdowns.

All of Legal & General’s plans offer Downsizing Protection.

Downsizing Protection in the L&G version implies that anybody moving house after 5 years from the plan start date can return the loan with no early repayment penalty, 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 set lifetime interest rate on the original lump amount. Any subsequent withdrawals would be subject to the interest rate in effect at the time of withdrawal.

Early Repayment Feature

Legal and General’s Flexible Navy Plan updates are still in the works. We will give an update soon.

Equity Release Council Status

Legal & General is a member of the Equity Release Council, thus all of its plans include a no-negative-equity guarantee. As a result, if the property is eventually sold, any beneficiaries cannot be left with a debt to the equity release provider.

Joint Application Features

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

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 Navy Lifetime Mortgage allows homeowners to spend their tax-free money however they see fit, with no need to make repayments. The L&G Navy plan, on the other hand, includes the Partial Repayment Option, which allows the plan user to begin paying up to 10% repayments of the initial amount borrowed each year without penalty. This allows managers to control the future balance of the lifetime mortgage UK program, either by reducing the roll-up impact of the interest, paying off the interest-only, or even by utilizing the entire 10% allowed.

Repayment Options

This Legal and General Flexible Navy Lifetime Mortgage allows homeowners to spend their tax-free money however they see fit, with no need to make repayments.

Inheritance Protection

Another possibility 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

The L&G Navy Plan comes with and without an arrangement charge. Until further notice, there is no arrangement cost option available.

Cashback Options

The Flexible Navy Lifetime Mortgage Plan has the option of receiving a 2% return 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.

Editor’s Rating: 4.85

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

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. Learn more about our editorial guidelines.

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HOW MUCH EQUITY CAN YOU RELEASE?

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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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Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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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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