Onyx Servicing aims to tap into lenders’ increased interest in lifetime mortgages as an option for older borrowers, particularly those who need to pay off interest-only mortgages or provide a gift to their children.

As we read more, we learned that the managing director Georgina Smith said more banks and building societies were likely to enter the equity release space: “Specific market concerns, such as shortfalls on interest-only mortgages, means that Onyx is the ideal solution for this expanding industry.”

The administration service aims to offer back office support for banks, lenders and life insurers looking to enter the equity release market.