The firm will provide back office and regulatory support for existing and new entrants exclusively operating in the equity release sector which will face new rules under the Mortgage Market Review in April next year.
Georgina Smith, managing director of Onyx Servicing, said: “More banks, building societies and life companies are set to enter the equity release space.
“A growing older population and its uses as a solution for specific market concerns such as shortfalls on interest-only mortgages means that Onyx is the ideal solution for this expanding industry.”
Smith is managing director of Stonehaven and the team behind Onyx brings with it seven years experience in the specialist sector.
She said: “Onyx is different to other administration servicing companies which do not have the same knowledge and insight into the lifetime mortgage industry that we can offer.
“Over the last seven years the team behind Onyx Servicing has developed significant expertise along with best practice policies and procedures in the market.”