A new lender, which is aiming to target older borrowers, has received full regulatory approval from the Financial Conduct Authority (FCA).
Mortgages4Life, based in Peterborough, says it is close to launch and has a 'game changing' range of residential and lifetime mortgage products to bring to the market.
The firm is fronted by chief executive Simon Little, an industry veteran of almost 30 years, who has held posts with Canada Life and Safe Home Income Plans (known now as the Equity Release Council).
Little says his team is delighted to have received approval from the FCA and that it's all systems go as the firm readies itself for launch.
The board at Mortgages4Life also boasts Simon Whitehead as chief financial officer and Sue Burgess as chief operating officer - both of whom have considerable experience of the residential and commercial property markets.
Phil Regan will take up post as head of underwriting, having previously worked for Lloyds Banking Group and ING.
“We are assembling a strong and credible team who understand the broker market and what their customers need," says Little.
"We can’t wait to announce our innovative range of residential and lifetime mortgages as older borrowers have been underserved for far too long, with few real options available to those who wish to borrow money against their property or indeed move house in later life.”
Ray Boulger, senior technical manager at John Charcol, adds: “It is always pleasing to see a new lender entering the mortgage market and especially so in the older borrower market, a low risk sector very badly served by major lenders.”
“We have been working with Mortgages4Life as they refine their product offering and are excited about the innovation they are seeking to bring to the market.”
“For this assessment lenders need to react to the major pension changes introduced last year and, recognising it is crucial to get right, Mortgages4life has devised a sensible, but nevertheless easy to understand solution,” Boulger explains.
Mortgages4Life says that its website is nearing completion and will feature a prize draw for financial advisers and mortgage brokers when it launches over the coming weeks.
Any brokers interested in receiving Mortgages4Life company and product updates can send their contact details to firstname.lastname@example.org.