Complete peace of mind
New Life Mortgages’ Lifetime Mortgage products are only sold through authorised, independent intermediaries who are regulated, as we are, by the Financial Services Authority. (The FSA is the independent watchdog that is charged with regulating financial services in the UK.)
All Lifetime Mortgages comply with the SHIP (Safe Home Income Plans) Code of Practice. Our Chief Executive, Peter Lucas, is a Director of SHIP and sits on the SHIP Board.
Our membership of SHIP requires that an independent firm of solicitors act for you. Your solicitor will need to sign a certificate confirming that you fully understand the terms and conditions of your Lifetime Mortgage.
We are also members of the Council of Mortgage Lenders (CML).
We are part-owned by the Manchester Building Society which was established in 1922.
Our major shareholder, The NMB Group Limited, specialises in the administration of loan assets for its own balance sheet and for other financial institutions.
Our Annual Report and Summary Financial Statement 2008 confirms mortgage completions up 66%, turnover up 156% and pre-tax profit up to £1.4M. We are largely unaffected by the closure of securitisation markets and significant funding remains available. The backing of these organisations and our access to substantial funding from other large UK financial institutions, enables us to enter into retailing arrangements with the UK’s largest mortgage distributors. To download a copy of our Annual Report and Summary Financial Statement 2008, please select the link at the bottom of this page.
During the life of your Lifetime Mortgage you can continue to live in your home, even if your loan exceeds the value of your property.
We guarantee that you retain full ownership of your home throughout the course of your loan.
We offer a No Negative Equity Guarantee. Whatever might happen in the future with regard to the stock market, interest rates or property prices, there is no risk whatsoever of your estate being left with an outstanding mortgage debt after your property is eventually sold. In the highly unlikely event of your home being sold for less than the value of your loan and the interest owed, we guarantee to make up the difference.