Legal & General Flexible Pink
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Legal & General Flexible Pink Review
Flexible Pink Key Details
- Free Valuation
- Free Application
- 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.
Let’s find out!
Who Are Legal & General?
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 particularly intended for people seeking one of the lowest equity release interest rates, as well as the flexibility of lifetime drawdown and the opportunity to make flexible ad-hoc payments.
Minimum Property Valuation
The minimum property valuation for this Flexible Pink Voluntary Payment 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 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.
This plan has a minimum borrowing of £10000 and a maximum release of £750000.
Legal & General’s Flexible Pink Plan is a drawdown lifetime mortgage program with the potential to accept partial repayments of up to 10% each year. This Optional Partial Payment 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.
Legal & General has a Downsizing Protection provision in all of its plans, which means that if your plan has been active for at least 5 years and you are relocating to another home that does not match L&G’s lending standards, the loan can be returned without penalty.
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.
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.
This Legal and General Pink Optional Partial Payment Mortgage allows any homeowner to spend their tax-free money however they see fit, with no need to make repayments. The Partial Repayment Option, which allows the plan holder to begin paying up to 10% repayments of the original amount borrowed each year with no penalty, is a key element of the L&G Pink plan. 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 amount by utilizing the maximum 10% allowed.
This Legal and General Pink Optional Partial Payment Mortgage allows any homeowner to spend their tax-free money however they see fit, with no need to make repayments.
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.
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.
*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
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