TMA Club has announced it has added LV= to its equity release panel.
The partnership will provide members of TMA Club with access to LV=’s lifetime mortgage lump sum and flexible lifetime mortgage products, according to the firm.
Both products have fixed early redemption penalties of 5 per cent up to five years, and 3 per cent between six and 10 years.
There is no early repayment charge post 10 years, or within three years on a joint mortgage if one individual dies or goes into care.
For the lifetime mortgage lump sum product there is also a downsize protection option after five years.
Furthermore, advisers will be able to lend on second and holiday homes through the two offerings.
TMA Club senior product and business manager Rob McCoy says: “As the equity release market grows to meet the changing needs of retirees, we are working to ensure our advisers are fully equipped to cater to those needs.
“It is clear that more customers are seeing equity release as a viable option to boost their finances during retirement, total customers served across the whole market increased by 10 per cent year-on-year between January and March, according to the Equity Release Council.”
LV= head of life products Andrew Gilbert adds: “For most homeowners, their property is one of their biggest assets, so it is critical that professional and personalised financial advice is available to anyone looking at releasing equity.
We are looking forward to working with TMA to help equip financial advisers with the knowledge and products they need to provide their clients with more choices to support their retirement journey.”