Legal & General Income Pink

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

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

Before You Start Reading...

How Much Can You Release? 👇


Equity Release Calculator

Value of Your Home?


Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

Legal & General Income Pink Review

Income Pink Key Details

Type Rate APR
Legal & General Fixed 3.51% 4.1%

Scheme Incentives

  • Free Valuation

Scheme Offers

  • Payment Periods – 10,15,20,25 Years
  • Inheritance Protection
  • Optional Partial Repayments
  • 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 Income 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.

Could the Legal & General Income Pink 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.
Legal & General Income Pink

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 Income Pink Lifetime Mortgage program is particularly designed to assist homeowners wishing to supplement their retirement income. The money is received monthly, and while it is tax-free at the time of receipt, HMRC considers it to be income, which may influence eligibility for means-tested assistance.

The L&G Income pattern comes in four flavors: Pink, Yellow, Blue, and Indigo. The loan-to-value ratios change throughout the plans, with the maximum loan size increasing with the plans up to the Income Indigo.

Minimum Property Valuation

The minimum property valuation for the Income Pink 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 Income Pink Lifetime Mortgage 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 plan’s minimum first loan is £2,500, which should cover initial setup expenses, with a maximum initial cash release of 10% of the entire credit limit given.

Scheme Features

The Income Pink Plan from Legal and General is the first whole-of-market lifetime mortgage that offers a tax-free income for a certain number of years. The amount available is determined by age, property worth, original loan amount, and duration of payment. The timeframe over which the income can be provided is 10, 15, 20, and 25 years, which is intended to correspond with the homeowner’s retirement plans.

The minimum monthly income payable is £200 and is determined for the pre-agreed duration. This income can be terminated at any moment prior to the conclusion of the income term without penalty. However, if the income is terminated, it cannot be resumed, nor can subsequent lump sum withdrawals be made.

Valuation Features

A generous free unlimited valuation is provided, as well as a fixed equity release lifetime interest rate on the cash initial lump payment, which also applies to the withdrawn monthly income.

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

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 Income Pink 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.

Scheme Options

This Legal and General Income Pink Lifetime Mortgage allows any homeowner to spend their tax-free income however they see fit, with no need to make repayments. However, one aspect of the L&G Income Pink plan is the Partial Repayment Option, which allows the plan user to begin making up to 10% annual repayments with no penalty. This is only possible when any regular monthly income has ceased.

Partial repayments assist in managing and controlling the future balance of the lifetime mortgage UK plan, either by reducing the roll-up impact of the interest, paying off the interest charged, or even reducing the future debt by utilizing the maximum 10% allowed.

Repayment Options

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

Inheritance Protection

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 plan mentioned is the 10-year Income Blue Plan, which has the third-highest loan-to-value of the four options, but also has the third-highest interest rate.

Editor’s Rating: 4.75

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.

Before You Go

How Much Can You Release? 👇


Equity Release Calculator

Value of Your Home?


Drag me

🔒 100% Safe & Fast

Featured In
yahoofinance marketwatch

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.

See How Much You Can Release 👇

Use the QUICK form below.


Equity Release Calculator

Value of Your Home?


Drag me

🔒 100% Safe & Fast

As Featured In
yahoofinance marketwatch