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L&G offers variation on flexi loan

Legal & General is offering a flexible repayment mortgage styled on its

existing Flexible Reserve loan.

The Repayment Flexible Reserve product has no redemption penalties plus

the facility for over and underpayments, payment holidays and daily

interest.

It allows borrowers to build up a reserve to effectively save at the

mortgage interest rate tax-free while borrowers who make overpayments can

reborrow up to their set repayment schedule.

Loans are available up to 95 per cent of the property&#39s value and the rate

for the product is guaranteed not to be higher than 1.5 per cent more than

the base rate.

Public relations manager (housing) Peter Timberlake says: “The new

variation on the flexible mortgage theme aims to increase the appeal of the

products to consumers and intermediaries.”

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