Lifetime mortgage provider More 2 Life recording a record year for its lending in 2015.
Total applications for its range of equity release plans increased by 39% last year with completed loans climbing to an all-time high at the lender which launched in 2010.
The firm says its increase in applications was partly driven by expansion across the equity release market as a whole which saw total lending rise 16% to £1.61 billion and More 2 Life is forecasting further strong growth this year as new products are launched and new funders enter the market.
The Preston-based lender moved its headquarters to larger offices last year as it increased total staff by 30% and expects headcount will increase by up to 60% in 2016 to meet new business demand.
Dave Harris, managing director at More 2 Life, said: “The surge in applications and new lending high underline the success of our focus on innovation and investment in technology and staff during 2015.
“The market as a whole is growing strongly but needs to maintain the drive to launch new products which can address issues such as interest-only payments and the need for more retirement lending.”
