Legal & General Mortgage Club has announced the appointment of Aviva to its lender panel.
The move will give members of the mortgage club access to two equity release lifetime mortgage products from Aviva, including a lump sum and drawdown option.
Aviva’s lifestyle flexible option product provides borrowers with the facility to release at least £10,000 from the value of their home as a lump sum, with a tailored cash reserve of £5,000 or more also placed into a flexible drawdown arrangement. The reserved money will not accrue interest until it is withdrawn by the borrower.
L&G Mortgage Club members will also have access to a lifestyle lump sum product, which enables them to release a tax-free lump sum of £15,000 or more.
Both products offer voluntary partial repayments, downsizing protection, a 14-week interest rate guarantee, no upper age limit as well as access to clients via an online adviser portal.
L&G Mortgage Club head of lender relationships, Danny Belton, commented: “Today’s announcement is testament to our commitment to delivering a market-leading proposition that allows advisers to find a suitable product for their client, no matter their need.
“We’ve worked closely with Aviva to bring on board its equity release products and expect the competitive rates and flexible product features to help many customers looking to unlock their built-up housing equity.”
Aviva managing director equity release, Stuart Robinson, added: “L&G Mortgage Club boasts one of the UK’s largest adviser networks. By working together, we expect to help many more people find and access Aviva’s lifetime mortgages.”
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