New Life, the equity release lender, said the products will have a 40-year old minimum age entry and will look like conventional mortgage products. Further details will be released by New Life closer to the date of the product launch.
New Life currently offers a buy-to-let product with a minimum age entry of 55.
Peter Turley, sales and marketing director at New Life, confirmed that all its products, including New Life’s residential offerings, will continue to be exclusive to intermediaries and that it had, “no intention whatsoever in moving away from that”.
New Life is authorised and regulated by the Financial Services Authority and is also a member of Safe Home Income Plans, the equity release industry body.
Martin Reynolds, business development director, Largemortgageloans.com, said: “I think it’s very positive news! The main thing is that there’s another lender looking to enter the market who believes we’re heading in the right direction and will add competition.
"I would think that there would be a lot of business available in the over-40s market given that the first-time buyer is around 36. So I would think that most of the market, both house purchasers and remortgagers, would be over-40.”
