Over-55s mortgage lender Mortgages4Life has appointed former Council of Mortgage Lenders director general Michael Coogan as independent chairman ahead of its launch next year.
After leaving the CML Coogan was appointed ambassador/strategic adviser for Deloitte UK until 2013.
The lender will focus on specialist residential and lifetime products aimed at borrowers aged over 55 distributed entriely through financial advisers.
Simon Little, chief executive of Mortgages4Life, said: “We are delighted Michael has agreed to join us as chairman.
“His appointment is testimony to the commitment we have to the later life lending market and underlines the integrity with which we will conduct our business with both financial advisers and their clients.”
Coogan will work with the executive management team ahead of its launch and beyond, using his experience to provide strategic advice and help drive Mortgages4Life forward.
Coogan said: “After leaving Deloitte UK, and following a long and successful time at the CML, I stepped down from active engagement in the mortgage market. It has taken an exciting, innovative new company offering me an opportunity to influence future growth in a key mortgage segment – lending to older borrowers – to entice me back.
“Mortgages4Life’s innovative range of products and fresh approach to affordability assessments promise to open new doors for underserved older borrowers, bringing them new choice and more flexibility than ever before. So I am very pleased to join this exciting new lender as it plans to enter the market in 2017.
“Mortgages4Life has a strong team, one that I am looking forward to working with, and I believe it is poised for great success in the mortgage market. I am sure my knowledge and experience will help to establish and grow the business in its key markets.”