TMA Club has added lifetime mortgage provider, OneFamily, to its equity release panel.
Members of the club will have immediate access to a range of later life lending products including a new “Super LTV” product designed to offer borrowers greater flexibility and choice by allowing them to unlock up to 58% of the equity in their home.
The OneFamily Super LTV product provides borrowers with the option to borrow up to £1 million and allow them to make voluntary repayments of up to 10% each year.
It will accompany other popular products offered by the lender, including a range of lump sum lifetime mortgages.
OneFamily offers a choice of fixed, variable or two-year fixed rates and the option to make interest payments with no ERCs.
It also offers the option to make monthly interest payments, one-off voluntary payments, or no interest payments at all.
Rob McCoy, senior product and business manager at TMA, said: “The equity release market has boomed over the past couple of years, with £4 billion of equity released in 2018 alone. As more consumers look to use a lifetime mortgage to assist them as they approach later life, it is paramount we are equipping our advisers with the right tools to help them cater for this growing segment of customers.
“At TMA, we constantly evolve and adapt our proposition to ensure our members stay ahead of the curve and this is just the start in a number of exciting changes we are making to our equity release panel this year – so watch this space.”
Jon Tweed, head of intermediary sales at OneFamily, added: “Whether it be supporting an individual’s retirement income, helping family and friends onto the housing ladder or funding a big-ticket item, lifetime mortgages are enjoying record growth.
“In order to meet demand, we must partner with the best in class clubs to ensure brokers are suitably equipped with a broad range of products to offer their clients. We are very much looking forward to working with TMA and supporting its ambitious later life lending plans.”