SimplyBiz Mortgages has announced the addition of OneFamily to its equity release panel.

OneFamily’s range of products offer clients new choices which include a voluntary payment product, allowing up to 10% of the capital to be repaid annually, and an interest roll-up product, plus the choice of either fixed or variable interest rates. OneFamily is currently the only provider offering this option in the lifetime mortgage market.

There is also downsizing protection for those customers who may wish to fully redeem their loan when they sell their property after five years.

Martin Reynolds, CEO of SimplyBiz Mortgages, said: “We know that equity release is going to play a more prominent role within the market over the next few years due to a number of economic factors and, with this in mind, we have been reviewing our equity release proposition to members.

“The addition of OneFamily to the panel is one of a number of new initiatives which we are currently considering.”

Jon Tweed, sales director at OneFamily, added: “We are very pleased to be a new provider on the SimplyBiz Mortgages panel, offering our products to a new host of financial advisers. With the market growing so rapidly, we want to ensure advisers are able to offer lifetime mortgage products to suit their client’s variable needs.

“That’s why we aim to offer a range of payment plans and the choice of fixed or variable interest rates.”