UK mortgage servicer Crown Mortgage Management has completed a contract for Hodge Lifetime’s launch of its new interest-only lifetime mortgage product, The Retirement Mortgage.

The contract secures Crown as the biggest TPA in this sector with £2bn of this asset type under management and is Crown’s second client in the lifetime mortgage sector.

Crown is now working alongside two lenders who have launched new products.

Andrew Doyle, CEO of Crown Mortgage Management, said: “This contract is significant for Crown, proving our experience and track record in the lifetime mortgage sector.

“Being selected to partner with an established player in the equity release market demonstrates the capabilities of our team in delivering excellent service. We are delighted to be working with Hodge Lifetime.”

Deian Jones, managing director at Hodge Lifetime, said: “The Retirement Mortgage fills the gap between traditional residential mortgages and equity release. Its implementation and launch brought with it some unique issues, which Crown grasped quickly and resolved effectively.

“We have been impressed by Crown’s focus on treating customers fairly, which was a key part of our selection criteria.”