The decision relates to research revealing 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.

As part of the agreement, members of MCI Club will have access to Legal & General Home Finance range of products.

The offerings available include flexible lifetime mortgage, optional payment lifetime mortgage, income lifetime mortgage and retirement interest-only mortgage.

Melanie Spencer, 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.”

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.”