Legal & General Home finance have updated their terms and conditions. 
 
L&G have updated their terms and conditions and their 2017 Edition 1 includes these changes.  The new terms and conditions will be available on their website from 5pm on 31st January 2017.  To view the terms and conditions before this date and time, click on the link below. 
 
Click Here for L&G's new version of their terms and conditions. 
 
Changes to their Optional Partial Repayments (OPRs)
L&G have increased the flexibility of their Optional Partial Repayments.  All customers who accept offers made from 1st February 2017 onwards will now be able to make Optional Partial Repayments as soon as their lifetime mortgage completes rather than having to wait 12 months as L&G previously required.    These changes do not apply to customers whose offers are dated 31st January 2017 and earlier. These customers will still need to wait 12 months before they can make an option partial repayment. 
 
With Optional Partial repayments, customers can make up to four payments in any 12 month period starting on completion of their lifetime mortgage.  They can repay up to 10% of the amount borrowed each year without incurring any Early Redemption Charges. Each payment is subject to a minimum of £500. 
 
Partial repayment in excess of the 10% limit can be made 12 months after completion but may be subject to an Early Redemption Charge. 
 
For more information, contact L&G Home FInance on 03330 048444
or the Equity Release Club on 01452 310777. 
 
 

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