Paradigm Mortgage Services has added later life lender More 2 Life to its panel.
Member firms of the mortgage services proposition will be able to access More 2 Life’s range of flexible lifetime mortgages which allow clients over the age of 55 to release cash from their homes to help them achieve their retirement goals.
More 2 Life’s products offer a number of features for clients who might be looking to release the maximum amount possible, want to take a one-off payment, or are looking for a series of payments to be made over time.
Different features available include:
- Inheritance protection – a percentage of the home’s value is protected for the future.
- Partial repayments – up to 12% of the initial loan amount can be repaid each year, without penalty.
- Fixed early repayment charges (ERCs) – clients will always know how much it would cost them to repay their loan.
- Downsizing protection – the loan can be repaid ERC-free if the loan cannot be ported to the new property due to lending criteria at the time
- ERC exemption – in joint cases, the remaining client can repay their loan ERC-free within three years of the death or admission into long-term care of the first client.
More 2 Life will offer Paradigm members access to its adviser support service, its digital process for submitting business via fastpath – its online portal, plus a range of resources to aid professional development including its fully-CII-accredited webinars.
John Coffield, head of Paradigm Mortgage Services, said: “One of the key growth areas for advisers over the next few years is likely to be the later life lending market and it’s important for Paradigm to work with the top providers in the sector and to ensure our firms have access to the quality products and range of services and resources, the likes of More 2 Life can offer.
“Increasingly we are seeing far greater demand for equity release and other later life lending options based on a number of drivers and demographics such as an ageing population, insufficient pension provision, less support from the state, borrowers being much more likely to have mortgages in retirement, the need to pay off interest-only loans, and many more.
“It’s within such an environment that the need for advice in the later life space has grown considerably, and now with other options such as RIO mortgages and a rise in the maximum age for mainstream loans, advisers need to have 360-degree knowledge to ensure they recommend the right product to the client.
“Working with More 2 Life not only ensures we can offer its excellent product range to member firms but we can help grow the knowledge required in a fast-moving space, and that they have everything they need to deliver to a growing client bank. We’re looking forward to rolling this out to members and to working with More 2 Life team to develop our later life proposition.”
Dave Harris, CEO at More 2 Life, added: “As a lender, More 2 Life recognises the vital role that organisations such as Paradigm play in the market and we are therefore delighted to announce this new partnership. This will enable Paradigm members to gain access to More 2 Life’s later life lending products as well as the expert support our team provides for advisers.
“In 2019, More 2 Life secured its fifth funder and launched a range of new products and variants, bringing its total to more than 80 plans – one of the widest selections on the market.
“Looking to the future, More 2 Life is constantly looking for new ways to innovate and help advisers fulfil their clients’ needs. Partnerships with companies such as Paradigm not only give more advisers access to a wider range of choice but will hopefully aid the growth of this expanding market.”