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New lender targeting older borrowers gets green light from FCA

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  • 17/08/2016
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New lender targeting older borrowers gets green light from FCA
Mortgages4Life, a soon-to-be launched lender, has received full regulatory approval from the Financial Conduct Authority (FCA) to launch a range of products aimed at borrowers aged 55 and over, with the aim of improving choice in the later-life market.

The Peterborough-based firm which is “close to launch” will limit distribution through financial advisers and mortgage brokers only.

Mortgages4Life is headed up by Simon Little (pictured), who has held roles at GE Life and Canada Life as well as a director position at SHIP, now known as the Equity Release Council.

Little said there was still “a significant amount” for the team to achieve prior to launch.

“We are assembling a strong and credible team who understand the broker market and what their customers need. 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,” he added.

So far the firm has recruited Simon Whitehead, formerly of MGM Advantage and Partnership Assurance, as chief financial officer, while Sue Burgess, who has worked at Linear Financial Services, Linear Mortgage Network and Home & Capital, is working as chief operating officer.

Phil Regan, who has over 25 years’ experience in the industry working for the likes of Lloyds Banking Group, ING, Principality Building Society and Hodge Lifetime, has been appointed head of underwriting.

Ray Boulger, senior technical manager at John Charcol, welcomed the announcement, noting that later-life lending was still “very badly” served by major lenders, despite being a low risk sector.

“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, including out of the box thinking on assessing affordability,” he said. “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.”

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