TMA Club has added of retirement interest-only (RIO) mortgage provider LiveMore Capital to its lifetime mortgage panel.
LiveMore Capital is the seventh later life lender to join TMA as the club continues to enhance its proposition for advisers with older clients.
TMA members will have immediate access to a variety of interest-only products for clients aged 55 and over.
Solutions are available with a wide range of fixed interest rates, offering short-term, long-term and lifetime options to customers of TMA advisers.
Additional highlights for TMA advisers include: loan-to-values (LTVs) available up to 75%; minimum loan available is £10,000 and maximum is £1,250,000; no maximum property value; straightforward early repayment charges (ERCs) – no charges will apply if a client redeems the loan earlier than expected due to death of a partner or move into long term care; 10% annual repayment allowance available, free of any ERCs; six-month payment break options possible for customers who fall into financial difficulty.
Lisa Martin (pictured), development director at TMA, said: “Enhancing our later life lending proposition continues to be a key focus for us which is why we are delighted to welcome LiveMore Capital to our lender panel.
“For advisers who are approached by older customers looking to draw on extra funds, particularly if they’ve been financially impacted by COVID-19, bringing LiveMore on board will enable them to offer clients a more extensive range of lending solutions to suit their needs.”
Alison Pallett, sales director at LiveMore Capital, adds: “Our number one priority is ensuring that older borrowers have choice when it comes to their lending options, particularly when the high street cannot help.
“This is why at LiveMore Capital we are committed to offering a range of RIO mortgages to support a variety of homeowners in later life looking to fund their lifestyles.
“We look forward to working with TMA to ensure that advisers have a greater variety of solutions in order to support older clients and, as such, we hope that today’s partnership will be welcomed by the club’s members.”