TMA Club has added LV=’s lifetime mortgage proposition to its equity release panel.
Members can now access LV=’s Lifetime Mortgage Lump Sum+ and Flexible Lifetime Mortgage products.
Both products offer fixed and defined early repayment charges ending after 10 years. Through LV=’s Lifetime Mortgage Lump Sum+, TMA members will be able to access the only single lump sum product in the market providing rates dependent on age and loan-to-value. Advisers will also be able to lend on second and holiday homes via the two products.
Rob McCoy (pictured), senior product and business manager at TMA, said: “As the equity release market grows to meet the changing needs of retirees, we are working to ensure our advisers are fully equipped to cater to those needs.
“It is clear that more customers are seeing equity release as a viable option to boost their finances during retirement – total customers served across the whole market increased by 10% year-on-year between January and March according to the Equity Release Council – and with this being the case, it is paramount that intermediaries are fully supported and provided with the tools they require in order to produce the best possible customer outcomes.
“As later life lending becomes a bigger part of advisers’ portfolios, we will continue to grow and evolve our equity release proposition to ensure our members stay one step ahead of the game.”
Andrew Gilbert, head of life products at LV=, added: “For most homeowners, their property is one of their biggest assets so it’s critical that professional and personalised financial advice is available to anyone looking at releasing equity.
“We are looking forward to working with TMA to help equip financial advisers with the knowledge and products they need to provide their clients with more choices to support their retirement journey.
“As equity release has moved into the mainstream in recent years, we have seen a number of innovative new products become available to those looking to release cash from their property. Whilst this trend continues, cooperating with TMA will ensure we can help more borrowers who view their property as part of their total retirement fund.”
The link up with LV= is the second in a series of lifetime mortgage providers that will be joining TMA’s equity release panel.