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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Legal & General Premier Flexible Black Scheme Review

Premier Flexible Black Key Details

Type Rate APR
Legal & General Fixed 2.97% 3.1%

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 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 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 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!

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 Premier Flexible Black

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 Voluntary payment program is geared especially at the bigger mortgage end of the equity release loan market, since its major feature is a higher minimum loan amount of £10000.

Minimum Property Valuation

This Premier Flexible Black Lifetime Mortgage has no minimum property valuation as long as the loan-to-value guarantees the 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 Voluntary Payment Mortgage is offered as a single or joint life loan. The average age of the youngest homeowner is 55, with a typical maximum age of 90.

Minimum Release

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

Scheme Features

Legal and General’s Premier Flexible Black Plan is a lifelong mortgage with optional repayments. This permits the homeowner to make voluntary repayments of at least £500 to Legal & General Home Finance, with the major benefit being that no evidence of income is required. As a result, for people who are experiencing trouble getting residential mortgages, voluntary repayment plans provide a non-verification mortgage option.

The Premier Flexible Black Plan from Legal & General is likewise 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 amount from the cash reserve facility is £2,000, and there are no admin fees for any subsequent drawdowns.

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

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, any beneficiaries cannot be left with a debt to the equity release provider.

Joint Application Features

The L&G Premier Flexible Black Lifetime Voluntary Payment Mortgage is offered as a single or joint life loan. The average age of the youngest homeowner is 55, with a typical maximum age of 90.

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. One aspect of the L&G Black plan, however, is the Optional 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

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.

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.

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.

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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.

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