Legal & General Flexible Pink

Are You Considering the Flexible Pink 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 Pink Scheme Review

Flexible Pink Key Details

Type Rate APR
Legal & General Fixed 2.99% 3.1%

Scheme Incentives

  • Cashback
  • Free Valuation
  • Free Application

Scheme Offers

  • Inheritance Protection
  • 3-year No Early Repayment Charge*
  • Downsizing Protection Feature

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 Pink, equity release scheme the best?

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

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

However, it’s important to remember that 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 Pink 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!

Who Are Legal & General?

Legal & General Group plc, or simply Legal & General, is a British global financial services corporation based in London. Investment management,1Â lifetime mortgages,2Â pensions, annuities, and life insurance are some of the goods and services it offers.
Legal & General Flexible Pink

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 Pink Lifetime Mortgage plan is tailored to people seeking one of the lowest equity release interest rates combined with the flexibility of a lifetime drawdown scheme.

Minimum Property Valuation

The minimum property valuation for this Flexible Pink Lifetime Mortgage is £100000, with an ex-council property valuation 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 and General will only base its estimates on 85 percent of the current market price for flats and maisonettes.

Single vs Joint

The L&G Flexible Lifetime Pink Lifetime Mortgage is offered as a single or joint life mortgage. The youngest homeowner is 55 years old, with an 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

The Flexible Pink Plan from Legal & General is a drawdown lifetime mortgage program. This drawdown plan offers a tax-free lump sum cash release for immediate usage, with any leftover unused funds held in an unlimited cash reserve facility. This is perfect for people seeking future access to a cash drawing option at one of the lowest equity release interest rates available. The minimum withdrawal amount from the cash reserve facility is simply £2000, and there are no admin fees for any extra withdrawals.

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

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

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.

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 Lifetime Pink Lifetime Mortgage is offered as a single or joint life mortgage. The youngest homeowner is 55 years old, with an usual maximum age of 90 years old.

For joint applicants, there is an added protection feature for the last survivor of the plan. Should one homeowner die or move into care, the surviving partner has the option to be able to repay this lifetime mortgage within 3 years of this event with NO penalty.

Scheme Options

This Legal and General Pink Drawdown Mortgage allows any homeowner to spend their tax-free money however they see fit, with no need to make repayments. The L&G Pink plan, on the other hand, includes the Partial Repayment Option, which allows the plan user to begin making up to 10% repayments of the initial amount borrowed each year without penalty. This assists in managing the future balance of the lifetime mortgage UK plan, either to decrease the roll-up impact of the interest, pay off the interest-only, or even to lower the future balance by utilizing the entire 10% allowed.

The Flexible Pink 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.

Repayment Options

This Legal and General Pink Drawdown Mortgage allows any homeowner 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.

Footnotes

*Plans with and without an arrangement fee are available. Until further notice, the NO arrangement charge option is available.
**The advertised interest rate includes a £599 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.

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Editorial Note: This content has been independently collected by the SovereignBoss 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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