The MCI Club has added Legal & General Home Finance to its panel in an expansion of its lifetime mortgage offering to its members.
The move follows research by the mortgage club which showed 40 per cent of respondents saw later life lending as a growth sector. Meanwhile, 35 per cent of principals and senior directors said they were actively expanding into this area.
Legal & General Home Finance is the fifth later life lender to join MCI’s panel.
The club’s members will have access to the lender’s flexible lifetime mortgage, where borrowers receive a tax-free cash sum or withdraw smaller amounts when needed. It also includes the optional payment lifetime mortgage, which gives clients the choice of making monthly interest payments and the income lifetime mortgage which gives borrowers a monthly income for a fixed term of up to 25 years.
Melanie Spencer (pictured), head of the MCI Club, said: “Through Legal & General Home Finance, and our other providers, our members have a range of options to assist their clients and to enable choice in later life. As equity release and later life lending continue to grow, clients will become more aware of their options and will naturally look towards advisers to ensure they are getting the right solution.
“As a club, we are there to support our members, not only through product provision but also support services for new and veteran advisers alike.”
Marie Catch, head of mortgage broker sales at Legal & General Home Finance, said: “At Legal & General Home Finance we offer a wide range of later life lending products to meet the variety of needs that modern retirees have.
“Joining the MCI Club panel, as well as helping further strengthen its lifetime mortgage proposition, gives us a great opportunity to reach a wide range of brokers, who we know have a growing interest in later life lending.”
Shekina is a reporter at Mortgage Solutions. She has over two years experience in the B2B publishing market, with previous industries including the pet, funeral, hospitality, retail and jewellery trades.
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