New Life Mortgages Limited has been accepted as a member of SHIP, which represents 90% of the equity release industry.
Southport-based Barnetts, one of the UK’s leading high volume conveyancing and personal injury law firms, advised New Life Mortgages in connection with the organisation of the process and will also represent them as lender in future transactions.
Tony Swift, partner at Barnetts, said: “We are delighted to have assisted New Life Mortgages Limited in its admission to SHIP and we are also pleased to continue representing them as a lender in future transactions.”
New Life’s equity release mortgages are typically designed to help homeowners over the age of 60 years, who have seen the value of their home boosted by continued property inflation.
The company believes many people who have reached, or are approaching retirement age, fear that they will have to slash their standard of living, due to their reliance on state pension and often the inadequacies of any private pension provision they have made.
New Life Mortgages says parents are also increasingly being called upon to provide financial assistance to their children to help them climb on to the property ladder.
These are just some of the factors that have contributed to a resurgence in the equity release market.
Peter Lucas, chief executive of New Life Mortgages, said: "As a relatively new player in this market we are delighted to have recently been admitted to SHIP.
“Lifetime Mortgages are increasingly being regarded as a financial planning tool to be adopted as a result of making lifestyle choices – they are no longer regarded only as a last option. In addition to meeting the needs driven market, there are so many positive ways in which such loans can be designed and used effectively to meet with homeowners desires. We are already working with specialist intermediaries who share our vision of this expanding market-place.”
