The Premier Lifetime Mortgage offered by Legal and General is a loan, the minimum of which is £250,000, that is available to homeowners aged 55 to 90. The loan amount available to each specific individual depends on the homeowner’s age and property value. The product is available on both a single and joint life basis with Loan to Value’s starting at age 55 at 10% and going up to 39.5% for ages 85 and over. There is no minimum property valuation required to qualify for the product but it must be located in Wales, Mainland Scotland, or England.
There are several unique features available with this product including a drawdown facility that allows for drawdowns to be requested at any time, so long as the drawdown is at least £2,000. There is also a no negative equity guarantee that comes standard with this mortgage product, safeguarding the homeowner from any outstanding debt when the property is sold. An inheritance guarantee also comes standard so the homeowner can protect part of the property value for an inheritance to loved ones. Homeowners are able to make partial repayments on an optional basis if they so choose, allowing the homeowner to better control the loan balance and the product is portable if the homeowner wants to transfer the product to another property.
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Legal & General – Premier Flexible Lifetime Plan
Talk to us today to request further information on – 0800 321 3156
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Contact EquityRelease2go >> to request further information – 0800 321 3156
Or click here to email us now