New Life Mortgages was formed with the objective of capitalising on the growing opportunities emerging in the Equity Release market and in particular to specialise in providing flexible and innovative lifetime mortgages to the over 60s. Its products are provided exclusively through a select panel of intermediaries. New Life differentiates itself from other equity release lenders by enabling intermediaries to brand products; working with intermediaries in product design and customisation and providing an application and administration service tailored to the intermediaries’ working practices. One of their latest offerings is their non-serviced Landlord’s Loan which fills a gap in the market for over-60s who want to mortgage their investment properties rather than their home. Key to launching the niche product was finding a flexible support system that could manage the varied requirements of the new product alongside those of the company’s major investor and administrator, The NMB Group (NMB).

NMB had been using Phoebus Software for its mortgage processing and nominal ledger system for more than 10 years, having initially chosen Phoebus to support its secured consumer loans business. Kevin Allen, Managing Director of NMB, commented, “Given our very satisfactory experience to date, the obvious starting point for systems for this new venture was Phoebus; their team was able to extend the system simply and swiftly to cater for the unique features of a non-serviced fixed rate mortgage. The business understanding of the staff and inherent flexibility of the system meant Phoebus was able to meet our very strict time demands for taking the product to market.”

“Phoebus is a valuable business partner which is able to understand our needs and respond positively and swiftly to them. NMB originally chose Phoebus for those levels of commercial understanding and responsiveness as well as the flexibility and scalability of the product. Now they are putting those benefits to work for us with New Life Mortgages.”

Phoebus became involved in all aspects of the supporting the new venture ensuring that the timescales were met and that the required functionality was expertly developed. Robert Lintonbon, Managing Director of Phoebus said, ‘We were very pleased New Life Mortgages chose Phoebus as their support system of choice in this exciting new business venture. We pride ourselves on the long term relationships we have established with our clients and were pleased that our flexible system and highly regarded staff were able to effortlessly accommodate the needs of New Life Mortgages. We are proud to be associated with NLM and look forward to supporting them for the foreseeable future’.