Peter Lucas, New Life Mortgages' chief executive, says: “We are very pleased and proud to be granted the relevant permissions and as a front runner in the provision of Lifetime Mortgages we now confidently expect to substantially increase the levels of our activity.
“Our Lifetime Loans are already being sold exclusively through a select panel of intermediaries who will also be appropriately regulated. We look forward to developing further such links with other specialist advisers with whom we can jointly design, fund and retail appropriate Lifetime Mortgage products.”
The NMB Group, New Life Mortgages' major shareholder and specialist in the administration of lifetime and other loans, has been granted the same permissions and also as a loan administrator.
Kevin Allen, chairman of The NMB Group, says: “Our association with New Life Mortgages has been further cemented by the granting of these permissions and we are now actively seeking further third party administration contracts from other loan providers in the new regulatory regime.”