Legal & General Mortgage Club has appointed Aviva to its lender panel giving its members access to two equity release lifetime mortgage products, including a lump sum and drawdown option.
Aviva’s Lifestyle Flexible Option provides borrowers with the facility to release at least £10,000 from the value of their home as a lump sum, with a tailored cash reserve of £5,000 or more also placed into a flexible drawdown arrangement. The reserved money will not accrue interest until the borrower withdraws it.
Club members will also have access to a Lifestyle Lump Sum Max plan, which enables them to release a tax-free lump sum of £15,000 or more.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Today’s announcement is testament to our commitment to delivering a market-leading proposition that allows advisers to find a suitable product for their client, no matter their need.
“We’ve worked closely with Aviva to bring on board its Equity Release products and expect the competitive rates and flexible product features to help many customers looking to unlock their built-up housing equity.”
Stuart Robinson, managing director equity release at Aviva, added: “Legal & General Mortgage Club boasts one of the UK’s largest adviser networks.
“By working together, we expect to help many more people find and access Aviva’s Lifetime Mortgages. Aviva’s award-winning Lifetime Mortgages provide advisers with compelling options to meet their later life client needs.”