LiveMore has made significant changes to its mortgage offerings for borrowers over 50, allowing for greater financial flexibility.
- The minimum equity required for LiveMore’s standard interest-only mortgages has been reduced by up to £91,500.
- Regional variations in equity requirements have been introduced, impacting areas across England, Scotland, and Wales.
- Borrowers aged 50 and above can now benefit from the removal of the upper age cap on these mortgages.
- LiveMore’s Mortgage Matcher tool remains a valuable resource for navigating these new product options.
LiveMore has recently announced a substantial reduction in the minimum equity required for its standard interest-only mortgages, by as much as £91,500. This change is particularly beneficial for borrowers aged 50 to 90-plus, expanding the opportunities available for older borrowers to access mortgage financing.
The lender has introduced regional equity requirements to tailor its products more precisely to different parts of the UK. For instance, in Scotland, Wales, North West and North East England, and Yorkshire and Humberside, the required minimum equity has been set at £80,000. Meanwhile, residents of the East Midlands, West Midlands, and East Anglia will see a requirement of £100,000. In the South East and South West of England, the minimum is £180,000, and for London, it is £250,000.
These adjustments mean that a buyer in the North West, looking at a property valued at £231,000, can now borrow up to £151,000, a significant increase from the previous cap of £60,000. Similarly, a property purchaser in the South East, with an estimated property value of £438,000, can access a loan of up to £258,000, surpassing the former limit of £207,000.
LiveMore assesses borrowing based on an interest-only repayment model, which does not impose minimum income requirements, making it accessible to a broader range of borrowers. The lender also removed the upper age limit, allowing any qualified borrower over 50 to take advantage of these changes.
Les Pick, the director of Intermediary Sales at LiveMore, highlighted these updates as offering much-needed options for the over-50 sector. He acknowledged the challenges brokers face with changing lending criteria, underscoring LiveMore’s efforts to simplify access to its mortgage options through its online Mortgage Matcher tool. This tool sifts through over 200 later life lending products to find suitable options for each client.
These changes provide enhanced borrowing opportunities for older individuals across the UK, reflecting LiveMore’s commitment to accommodating diverse borrower needs.
