The Legal and General Lifetime Mortgage has the option of a cash lump sum or a drawdown to allow you to take further lump sums as and when you need them.
Minimum age – 55
Maximum age – 90
Available to home owners between the ages of 55 and 90 at time of application.
Cashback available – Yes
2% of the initial loan amount.
Drawdown available – Yes
Available with a minimum withdrawal of £2,000 per withdrawal.
Medically enhanced plans available – No
Inheritance Protection available – Yes
Inheritance protection must be selected before the application is made.
Voluntary overpayments – Yes
After the first anniversary of the plan payments of up to 10% of the initial loan amount can be made without penalty. Minimum payments of £500 can be made up to 4 times per calendar year.
Early repayment charges
Early repayment charges of up to 25% of the loan, depending on Gilt rates.
A Lifetime Mortgage allows you to release a tax free cash lump from your home to spend and use as and how you wish. There are normally no repayments to make to the loan with the interest being added to the loan each month. The interest rate is normally fixed for the life of the loan and the loan is only repayable when the property is sold, which normally happens when you die or go in to long term care. In the case of joint applicants this normally happens when the second applicant dies or goes in to long term care.
Please contact us to today for more information on the Legal and General Lifetime Mortgage. We are completely independent Equity Release advisers and will recommend a plan from a provider that suits you best. We will compare all providers in the Equity Release market to ensure the plan we recommend meets your personal requirements.