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SimplyBiz includes Reliance Bank and TMA adds More 2 Life – round-up

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  • 24/09/2019
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SimplyBiz includes Reliance Bank and TMA adds More 2 Life – round-up
SimplyBiz Mortgages has announced the addition of Reliance Bank to its lenders panel while TMA Life has opened the door for More 2 Life to its equity release panel.

SimplyBiz adds Reliance Bank to lenders panel 

SimplyBiz Mortgages has announced the addition of Reliance Bank to its lending panel, taking it onboard with immediate effect.  

Reliance Bank lends throughout England, Northern Ireland and Wales and is owned by The Salvation Army. It donates up to 75 per cent of its profits to The Salvation Army International Trustee Company.  

Martin Reynolds (pictured), chief executive of SimplyBiz Mortgages, said: “We are committed to ensuring choice for SimplyBiz Mortgages members, and giving them access to a wide breadth of lenders to help them find the best possible product for their client.  

“Reliance Bank has a compelling proposition, and its approach to providing an efficient and transparent service makes it a welcome addition to the panel.”

The bank aims to produce agreements-in-principle (AIPs) within 48 hours, and provide formal mortgage offers within 14 days of the submission of the full application.

Gareth Byrne, mortgage manager at Reliance Bank, added: “We are excited to offer our mortgage range to members of SimplyBiz Mortgages. Our customers tell us that we provide fantastic service and advisers can be confident that our team will provide their clients with a great customer experience.”

TMA Club welcomes More 2 Life to equity release panel

TMA Club has announced the addition of equity release lender More 2 Life to its equity release panel. 

The company said members of the club would have “immediate access” to the lender’s range of lifetime mortgages – including its recently launched Tailored Plus product. This was an update of More 2 Life’s original Tailored Choice product, now offering borrowers drawdown facilities from £2,000 with the option to make flexible partial repayments.

Lisa Martin, development director at TMA, said: “As more of our members step into the equity release space, we are committed to providing them with access to the best lending solutions for their customers – which is exactly why we’ve decided to launch with More 2 Life.

“With the flexibility and choice that comes with More 2 Life’s range of products, more of our advisers can begin to reap the benefits that later life lending brings for them and their clients, allowing their business to prosper further.”

Other product stipulations include: fixed early repayment charges (ERCs); a range of loan-to-values (LTVs), with the maximum sitting at 56 per cent; loans available from £10,000 to £1.85m with cashback options and a mixture of drawdown and lump sum facilities.

Dave Harris, CEO at More 2 Life, added: “We look forward to working closely with TMA by providing its growing adviser community with a suite of later life lending solutions and supporting them in their conversations with older borrowers.”

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