TMA Club has announced the addition of Legal & General Home Finance to its lifetime mortgage panel.

Legal & General Home Finance, the retirement lending solutions provider, is the sixth addition to TMA’s equity release panel as the Club continues to enhance its later life lending proposition.

TMA said its members will have immediate access to a variety of products for clients aged 55 and over, which includes Legal & General Home Finance’s flexible lifetime mortgage, optional payment lifetime mortgage and income lifetime mortgage.

TMA development director, Lisa Martin, commented: “We are committed to offering our members greater choice in the equity release market which is why we are delighted to announce the addition of Legal & General Home Finance to our later life lending panel.

“As our advisers hear from a growing number of older borrowers looking to make the most of the equity tied up in their home, bringing Legal & General Home Finance on board will enable them to provide their customers with the modern lending solutions they need in order to fund their retirement comfortably.”

Legal & General Home Finance said its flexible lifetime mortgage allows clients with either a small or no mortgage to release the money tied up in their property – without having to move home or make monthly payments. The loan provides homeowners with a tax-free cash sum which they can draw when they need to.

The lender’s optional payment lifetime mortgage allows its clients to choose to pay some or all the monthly interest, and its income lifetime option allows later life homeowners to release money tied up in their property with a regular monthly income for a fixed term of 10, 15, 20 or 25 years.

Legal & General Home Finance head of mortgage broker sales, Marie Catch, added: “We are committed to helping our customers enjoy a more colourful retirement. We continue to innovate, and our flexible solutions allow homeowners to make the most of their property assets as part of their retirement income planning.

“As market growth and innovation continues, we look forward to working with TMA, providing its advisers with our suite of flexible equity release solutions.

“Customers need the right support to make informed decisions about the options best suited to their lifestyles and retirement goals, and TMA’s growing adviser community is well placed to ensure that more retirees have access to the advice they need.”

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