Legal & General Flexible Violet

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

Are You Considering the Flexible Violet 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 Violet Review

Flexible Violet Key Details

Type Rate APR
Legal & General Fixed 4.59% 4.8%

Scheme Incentives

  • Free Valuation
  • Free Application

Scheme Offers

  • Inheritance Protection Guarantee
  • 3-year No Early Repayment Charge*
  • Limited Period – High LTV**
  • 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 Violet, 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 Violet 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.
Check the list of Legal & General equity release schemes here.
Legal & General Flexible Violet

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 Violet Lifetime Mortgage plan is intended particularly for people seeking the greatest maximum equity release lump amount possible. The Flexible Violet plan is simple in design, since it provides the homeowner with an initial one-time single tax-free release of equity. As a condition of this Violet loan, which is only available for a short time, an initial advance of 80% of the maximum loan-to-value (LTV) must be made. As a result, the maximum remaining drawdown facility is 20% of the maximum LTV.

However, since the plan may be utilized as a drawdown lifetime mortgage program, any unused amount is stored in a cash reserve facility. Those seeking for a greater maximum initial lump amount may also be interested in the L&G Flexible Violet Plan.

Minimum Property Valuation

The required property valuation for this Legal and General Flexible Violet Lifetime Mortgage is £100000, which is significantly more than the minimum for most equity release plans.

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 Violet Lifetime Mortgage is offered in single and joint life. The youngest homeowner must be at least 55 years old, with an usual maximum age of 90.

Minimum Release

The minimum loan amount for this plan is £10000 (80 percent of the maximum loan amount must be accepted upfront), with a maximum release of £750000.

Scheme Features

The Flexi Violet Plan from Legal and General provides an initial single capital lump amount with optional drawdown opportunities. Based on age and property value, this drawdown program delivers a larger tax-free lump sum cash release than other equity release schemes. This is great for people who want to gain access to the higher end of the loan spectrum.

Legal & General Home Loans At age 55, the Flexible Violet plan provides the greatest maximum equity release amount of any Legal and General lifetime mortgage program. On this program, their loan-to-value proportion starts at 32% at age 55 and rises to 56% at age 85 and higher.

As a result, if you are in excellent health and want a greater maximum loan amount with the option of paying ad-hoc repayments with no income verification, the L&G Flexible Violet plan is a suitable choice.

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

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.

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 Flexible Violet Lifetime Mortgage is offered in single and joint life. The youngest homeowner must be at least 55 years old, with an usual maximum age of 90.

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 Violet Mortgage allows any homeowner to spend their tax-free money however they see fit, with no need to make repayments. One aspect of this L&G plan, however, is the Partial Repayment Option, which allows the plan user to begin making up to 10% repayments of the total 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 amount over a specified number of years by utilizing the maximum 10% limit.

Repayment Options

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

Inheritance Protection

Another Flexible Violet option for inclusion is the Inheritance Protection feature, which allows the homeowner to secure a predetermined proportion of the property’s ultimate sale worth. This is critical for individuals who want to ensure a percentage of the property value from their inheritance.

Application Fees

Violet Lifetime Mortgages are available with or without a £599 startup fee. Selecting the no-advance-charge option boosts the interest rate proportionally.


*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.
** From the age of 60, the Violet plan has the greatest LTV of any of L&G’s plans.
***The rate displayed includes the basic L&G plan plus an application charge.
****An initial advance of 80% of the maximum loan-to-value (LTV) is required. As a result, the highest permissible drawdown facility is 20% of the maximum LTV.

Editor’s Rating: 4.68

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 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

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.

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 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.

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