Legal & General Premier Flexible Black

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

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Premier Flexible Black Key Details

Type Rate APR
Legal & General Fixed 2.97% 3.10%

Scheme Incentives

  • Cashback
  • Free Valuation
  • Free Application

Scheme Offers

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

Legal & General Premier Flexible Black 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 Premier Flexible Black, 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 Premier Flexible Black 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 Premier Flexible Black Lifetime Mortgage plan is geared especially at the bigger loan sector of the equity release loan market, with a minimum release loan amount of £10,000.

Minimum Property Valuation

This Premier Flexible Black Lifetime Mortgage has no minimum property valuation as long as the loan-to-value guarantees a minimum loan of £100000 is met.

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 Premier Flexible Black 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.

Minimum Release

The lowest loan amount for this plan is £10000, with a maximum loan amount of £2 million.

Scheme Features

The Premier Flexible Black Plan from Legal and General is a drawdown lifetime mortgage program. This drawdown plan offers a tax-free lump sum cash release for immediate usage, with any leftover unused funds held in an unlimited cash reserve facility. This is perfect for people who want to obtain the most cash withdrawal amount feasible in the future while paying the lowest equity release interest rate available. The minimum withdrawal from the cash reserve facility is £2,000, and there are no admin fees for any extra withdrawals.

Valuation Features

A generous free unlimited valuation is provided, as well as a set lifetime interest rate on the original lump amount. Any subsequent withdrawals would be subject to the interest rate in effect at the time of withdrawal.

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, upon ultimate sale of the property, any beneficiaries cannot be left with a debt to the equity release provider in excess of the property value.

Joint Application Features

The L&G Premier Flexible Black 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 Premier Black Drawdown Mortgage allows any homeowner to spend their tax-free money however they see fit, with no obligation to make repayments. The L&G Black 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 without penalty. This assists in managing the future balance of the lifetime mortgage UK plan, either to decrease the roll-up impact of the interest, pay off the interest-only, or even to lower the future balance by utilizing the entire 10% allowed.

Repayment Options

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

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.

Application Fees

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

Cashback Options

The Premier Black Lifetime Mortgage Plan includes the option of receiving a 2% return 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

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!
janus
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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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.
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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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