Paradigm Mortgages Services has added the later life lender, more2life, to its provider panel.

Member firms of Paradigm will gain access to more2life’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.

more2life’s products offer several features for clients who might be looking to release the maximum amount possible, want a competitive interest rate, want to take a one-off payment, or are looking for a series of payments to be made over time.

Head of Paradigm Mortgage Services, John Coffield, commented: “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 more2life 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.

“Working with more2life 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 more2life to develop our later life proposition.”

Some of more2life’s features now available to Paradigm members include inheritance protection and downsizing protection, fixed early repayment charges (ERCs) – which will keep clients updated on how much it would cost them to repay their loan – and partial repayments, which means up to 12% of the initial loan amount can be repaid each year, without penalty.

more2life CEO, Dave Harris, said: “As a lender, more2life 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 more2life’s later life lending products as well as the expert support our team provides for advisers. In 2019, more2life 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.”

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