MCI Club has added Legal & General Home Finance to its later life lending panel.

Legal & General Home Finance becomes the fifth addition to MCI’s later life lending proposition.

Recent research by the mortgage club found that 40% of respondents saw later life lending as a growth sector, while 35% of principals and senior directors indicated they were actively expanding into this area.

The products introduced by Legal & General Home Finance provide a number of flexible options for clients. These include its Flexible Lifetime Mortgage, which gives a tax-free cash sum or smaller amounts as needed; the Optional Payment Lifetime Mortgage, which allows clients to make monthly interest payments; the Income Lifetime Mortgage, which provides a monthly income for a fixed term of up to 25 years and its recently launched Retirement Interest Only (RIO) mortgage.

Melanie Spencer (pictured), head of the MCI Club, said: “Through Legal &General Home Finance, and our other providers, our members have a range of options to assist their clients and to enable choice in later life. As equity release and later life lending continue to grow, clients will become more aware of their options and will naturally look towards advisers to ensure they are getting the right solution. As a club, we are there to support our members, not only through product provision but also support services for new and veteran advisers alike.”

Marie Catch, head of mortgage broker sales at Legal & General Home Finance, added: “At Legal & General Home Finance we offer a wide range of later life lending products to meet the variety of needs that modern retirees have. Joining the MCI Club panel, as well as helping further strengthen its Lifetime Mortgage proposition, gives us a great opportunity to reach a wide range of brokers, who we know have a growing interest in later life lending.”