"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."
New lender Mortgages4Life, which recently received full FCA regulatory approval, has appointed Michael Coogan as its independent chairman in anticipation of its launch in 2017.
The Peterborough-based company says it is close to launch and that its products will be available through financial advisers and mortgage brokers only.
The business is headed by Chief Executive Simon Little, who has worked in the UK financial services industry for nearly 30 years, including spells at GE Life and Canada Life.
Michael Coogan has over 25 years of experience in the mortgage industry, including nearly 15 years as director general of the Council of Mortgage Lenders. After leaving the CML, Michael was appointed Ambassador/Strategic Adviser to Deloitte UK until 2013.
Simon Little 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.”
Michael Coogan commented: “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.”