Legal & General Flexible Turquoise

Contributors: Nicola Date, Katherine Read. Rachel Wait & Reviewed by Francis Hui

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

Before You Start Reading...

Let's See How Much You Can Release 👇

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

Now, compare and save: Search over 200 equity release council approved plans and find the best deal for the amount of money that you need.

Legal & General Flexible Turquoise Review

Flexible Turquoise Key Details

Type Rate APR
Legal & General 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.

Could the Legal & General Flexible Turquoise 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?

An equity release mortgage (see What’s Equity Release?) 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.

We’ve summed up the most important information about the topic in this quick video.

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 Turquoise

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.

Editor’s Rating: 4.79

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 or compare interest rates on equity release!

Before You Go!

How Much Can You Release?

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

timer

It's VERY FAST and, takes just 8 seconds

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.

rachel w

Rachel Wait
Personal Finance Journalist

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.
john lawson profile.jpg

Written by
John Lawson
Founder SovereignBoss

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.
francis

Reviewed by
Francis Hui
Senior Risk Manager

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.
kath icon

Katherine Read
Consumer Affairs Writer

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.
nicola

Nicola Date
Writer & Journalist

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.

See How Much You Can Release 👇

Use the QUICK form below.

 

Equity Release Calculator

Value of Your Home?

50000

Drag me

🔒 100% Secure & Fast. Takes Just 8 Seconds.

As Featured In
yahoofinance marketwatch