Legal & General Flexible Teal

Are You Considering the Flexible Teal 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 Teal Key Details

Type Rate APR
Legal & General Fixed 3.28% 3.40%

Scheme Incentives

  • Cashback
  • Free Valuation
  • Free Application

Scheme Offers

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

Legal & General Flexible Teal 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 Teal, 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 Teal 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 Teal Lifetime Mortgage plan is created particularly for customers seeking a mix of greater loan-to-value and competitive interest rates. The Flexible Teal plan is intended to give a one-time lump payment as well as the option of a drawdown for individuals who do not choose to accept the full lump sum up front.

It varies from the Flexible Turquoise plan, which is one rung higher up on the loan-to-value (LTV) chart, in that the Teal plan has a lower loan amount for any given age. The L&G Flexible Teal plan has one benefit over the Turquoise plan in that it offers a reduced interest rate at the price of loan size.

Minimum Property Valuation

The minimum property valuation for this Flexible Teal Lifetime Mortgage plan is £100000, with a maximum property valuation of £2m outside of London and up to £4m in London.

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 calculate the value of flats and maisonettes based on 85 percent of their current market value. Furthermore, if the property is leased, the youngest applicant at completion plus the remaining lease period must be at least 185 years old.

Single vs Joint

The L&G Flex Teal Lifetime Mortgage plan is offered in single and joint life. The youngest homeowner is 55 years old, with a usual maximum age of 90 years old.

Minimum Release

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

Scheme Features

Legal and General’s Flexible Teal Plan provides an initial cash lump payment, with any unused facility remaining accessible in a drawdown facility for future usage if needed. This drawdown lifetime mortgage program offers a little greater tax-free lump sum cash release than the majority of L&G Flexible plans. This is appropriate for people seeking access to either a big initial release with a lower drawdown capacity, or a smaller initial amount with a greater drawdown facility owing to future equity release needs.

This drawdown plan is aimed towards the higher loan-to-value end of the Legal and General Home Finance lifetime mortgage product line, yet it nevertheless offers a competitive interest rate among Legal and General Home Finance lifetime mortgage products. As a result, if you’re searching for a larger loan size with a cheap interest rate, the L&G Flexible Teal plan rates well.

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.

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

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

Equity Release Council Status

Because Legal & General Home Finance is a member of the Equity Release Council, all of its programs are guaranteed to have no negative equity. 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

The L&G Flex Teal Lifetime Mortgage plan is offered in single and joint life. 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 Teal Lifetime Mortgage allows any homeowner to spend their tax-free money however they see fit, with no need to make repayments. The L&G Teal 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 with NO penalty or income verification. This helps manage the future balance of this lifetime mortgage UK program, either to decrease the interest roll-up impact, pay off the interest-only, or even repay the future sum over 15-16 years by utilizing the maximum 10% allowed.

Repayment Options

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

Inheritance Protection

Another Flexible Teal option is the Inheritance Protection feature, which allows the homeowner to protect a predetermined proportion of the property’s final selling value. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Application Fees

This drawdown plan is available with or without a £599 startup fee. The NO arranging charge option is available till further notice.

Cashback Options

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

Footnotes

*The three-year no-early-repayment-charge period applies to joint life plans when the loan is returned within three years of a partner’s death or long-term care. 
** The shown rate includes the usual L&G application charge but 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
SovereignBoss client
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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