Lifetime lender Mortgages4Life has got full regulatory approval from the Financial Conduct Authority.
Mortgages4Life is planning to launch residential and lifetime mortgage products for underserved older borrowers.
The Peterborough-based lender says it is “close to launch”.
Its products will only be available through financial advisers and mortgage brokers.
The business is headed by chief executive Simon Little.
Little says: “We are delighted to have received regulatory approval, which is a major milestone for the business. Clearly there is a significant amount for us still to achieve and the team is working extremely hard to ready Mortgages4Life for launch.”
The Mortgages4Life board also includes Simon Whitehead as chief financial officer, previously of MGM Advantage and Partnership Assurance.
Meanwhile Sue Burgess is chief operating officer and Phil Regan is head of underwriting.
John Charcol senior technical manager Ray Boulger says: “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, including ‘out of the box’ thinking on assessing affordability.
“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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