Reponsible Lending has entered the equity release market after getting regulatory approval.
The lender will sell a range of lifetime mortgages for homeowners aged 55 and over through qualified financial advisers and mortgage brokers.
Responsible Lending will target traditional equity release customers, mortgage prisoners and defined contribution pensioners.
The new lender will be led by Keith Haggart, former director of lifetime mortgages at Prudential and director of lifetime mortgages at Just Retirement.
Haggart says: “Responsible Lending was founded because we identified a space in the equity market for an innovative lender that focuses on the issues faced by those aged 55 and over.
“The mortgage market has some fundamental flaws when viewing customers in retirement, which we are seeking to address with our products.
“We have looked at the wider regulation and economic landscape and designed a range of products that hand the power over the wealth in their property back to our customers.”