Legal & General enters equity release market with £5m Newlife acquisition

Newlife, founded in 2003, manufactures and provides lifetime mortgages which allow homeowners to raise cash against the security of their property. L&G said it would become the sole funder of new lifetime mortgages originated by Newlife. It said mortgage funding would provider another source of direct investment assets to back L&G annuity liabilities. The provider said the acquisition is likely to complete in the first half of the year depending on regulatory approval. L&G individual retirement business managing director Bernie Hickman said: "Over 60s in the UK have nearly £1.3t...