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Legal and General Equity Release - Lifetime Mortgages

Legal & General are one of the leading providers of equity release products in the UK today, specifically lifetime mortgages. As of 2017, they have lent over £900 million in lifetime mortgages to thousands of people. At Equity Release Scotland, we have a lot of time for L&G.

For homeowners who are over the age of 55 and have a home valued at over £100,000 (or £150,000 if it’s an ex-council house), you are able to release cash from your home with one of the most respected financial institutions in the UK.

Legal & General appreciate that giving up equity in a home is a big decision and that this kind of mortgage is not for everyone. Similar to our advice at Equity Release Scotland, L&G often suggest that you seek independent advice before you pursue a lifetime loan, because it is a long term commitment. However, if you’ve done your homework, or you feel that you want to take advantage of the equity in your home, then deciding to go with Legal & General has a host of benefits.

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Flexibility

Flexibility – Their equity release product offers a lot of flexibility. You can take a lump sum out in one go, or it can be taken out in smaller amounts over a period of time. If you take it out in smaller amounts, the interest rate for that amount will be dependent on the interest rates at the time the amount was taken out.

No-Negative Equity Guarantee

No-negative equity guarantee – The whole concept of equity release is positive. At no point should you find yourself in the situation where you might have to pay back more than the property is worth? Legal & General guarantee that can’t happen, you’ll never have negative equity in your property.

Optional Inheritance Protection

Optional inheritance protection – Many people look at equity release to ease up some financial pressure in the short term, but they’d still like to leave some equity in their home for inheritance. Legal & General have allowed for that, you have self-imposed limitations set on the amount you can borrow.

Optional Partial Repayment

Optional Partial Repayments – For those property owners who might be interested in making some repayments for the equity released, you’re able to repay somewhere up to 10% of the loan each year, without suffering from any early repayment charges.

If you’re looking to have some equity released from your home, and it’s important to you that you get both the flexibility and the assurance that comes with having your mortgage with a leading financial institution, then you should seriously consider Legal & General.

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Frequently Ask Questions

There are not many limitations which makes it accessible to most people looking at Equity Release in Scotland in 2017. There is an age restriction. You need to be over 55-years old.

The property needs to be of standard construction and have a minimum value of £100,000 or £150,000 if the property is an ex-local authority property.

The interest is determined at the time the mortgage is taken out. If you take out the mortgage in one lump, then it’s simply the interest rate that’s offered at the time. Legal & General offer very competitive rates.

If you decide to have the equity released in smaller lumps, then each sum will have its own interest rate, connected to the interest rate on offer at the time the money is released.

When you take out equity from your home, then you will naturally reduce your inheritance value of the property. However, it’s something you are able to plan ahead for, and set limitations on how much equity you are able to take out. You get the best of both worlds.

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To get more advice and information, please fill out the form and we will be call you back.

Our Guarantees

Why you should always choose a product from a lender approved by the Equity Release Council

Guarantee 1

equity release council logo approvedYou have the Right to Remain in your Home for as long as you choose

Guarantee 2

equity release council logo approvedYou will NEVER owe more than the value of your home due to the "no negative equity" guarantee.

Guarantee 3

equity release council logo approvedYou have the freedom to move to another property without financial penalty (subject to provider criteria)

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Contact Us

0131 644 3664

You can contact us by calling 0131 644 3664 or 0333 360 1958 or using our contact form

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Legal & General Lifetime Mortgage
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