The mortgage desk, which will be manned by four advisers and a support team, will run alongside the equity release advice team to offer customers conventional mortgage options if they can afford to make monthly repayments.
Commercial director Dan Baines said: “We see the borders between mainstream mortgages and equity release becoming more and more blurred. It is important that if a customer comes to us for equity release but is able to afford a mainstream mortgage we can discuss this option with them and give them advice.”
He added: “The conventional mortgage market is becoming more receptive to older borrowers so it was time for us to broaden our service so we can consider all options in our advice proposition.”
Baines said Malone had joined the company in an advisory capacity and would not be involved in the operational side of the business. He will also help to develop the equity release advice service within banks and building societies which have an issue with interest-only borrowers with no means to pay off their mortgage balances when the term expires.
At the end of 2013, Malone retired from the mortgage industry after spending over 50 years working in the sector, and is most well known for his role as executive chairman of PMS.
Mortgage leads will initially be generated through its equity release desk. The company may consider a wider advertising campaign in the future.