Legal & General Flexible Turquoise
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Legal & General Flexible Turquoise Scheme Review
Flexible Turquoise Key Details
| Type | Rate | APR | |
|---|---|---|---|
 |
Fixed | 3.2% | 3.3% |
Scheme Incentives
- Cashback
- Free Valuation
- Free Application
Scheme Offers
- Inheritance Protection Guarantee
- 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 Turquoise, 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.
- We'll provide detailed information about the Flexible Turquoise scheme.
- We’ll help you assess whether this plan could be right for you and your family.
- We'll explain how low the current interest rates are for the Flexible Turquoise product.
Let’s find out!
Who Are Legal & General?
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 Turquoise Lifetime Mortgage plan is created particularly for customers seeking a mix of greater loan-to-value and competitive interest rates. The Flexible Turquoise 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 maximum amount all at once.
It varies from the Flexible Blue in terms of loan-to-value because of the amount of the maximum loan it may create, whereas the Turquoise is lower for any given age. However, one advantage of the L&G Flexible Turquoise plan over the Blue is that it offers a reduced interest rate at the expense of loan size, which the Flexible Blue scheme does not.
Minimum Property Valuation
The minimum property valuation for this Flexible Turquoise Lifetime Mortgage plan 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 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 Flex Turquoise Lifetime Mortgage plan 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 Turquoise plan has a minimum borrowing of £10000 and a maximum release of £750000.
Scheme Features
Legal and General’s Flexible Turquoise Plan provides an initial cash lump payment, with any unused facility remaining accessible under a drawdown facility for future usage if needed. This drawdown lifetime mortgage package offers a greater tax-free lump sum cash release than most other 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 has the lowest loan-to-value and interest rate of any Legal and General Home Finance lifetime mortgage program. As a result, if you’re searching for a cheap interest rate, a mid-sized loan amount, the flexibility of making ad-hoc repayments with no income verification, and a drawdown option, the L&G Flexible Turquoise plan rates well.
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 fixed lifetime interest rate on the tax-free lump amount.
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 Turquoise Lifetime Mortgage plan 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 Turquoise Lifetime Mortgage allows any homeowner to spend their tax-free money however they see fit, with no need to make repayments. The L&G Turquoise 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.
Inheritance Protection
Another Flexible Turquoise option is the Inheritance Protection function, 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 may be purchased with or without a £599 setup charge. Until further notice, the NO arrangement charge option is available.
Cashback Options
The Flexible Turquoise 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
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