LiveMore has made significant changes to its mortgage offerings, easing the equity requirements for older borrowers.
- The required equity for interest-only mortgages has been reduced by up to £91,500, facilitating greater borrowing capabilities.
- Changes are categorised regionally, with new equity requirements set at varying levels across England, Scotland, and Wales.
- LiveMore now offers loans without an upper age limit, allowing those over 50 more accessible borrowing options.
- These modifications reflect LiveMore’s commitment to providing more flexible and inclusive financial solutions for older clients.
LiveMore has announced a considerable reduction in the equity required for its standard interest-only mortgages by as much as £91,500. This decision amplifies the borrowing potential for individuals aged 50 and above, extending up to those over 90. By simplifying these minimum equity reductions, LiveMore has categorised these changes into four distinct geographical regions: Scotland, Wales, North East and North West England, and Yorkshire and Humberside boast a new minimum equity of £80,000. In the East Midlands, West Midlands, and East Anglia, the figure is £100,000. Borrowers in South East and South West England face a requirement of £180,000, while those in London must meet a £250,000 threshold.
The impact of these changes is substantial. For instance, potential homebuyers in the North West looking at properties valued at £231,000 can now secure a loan of up to £151,000, compared to the previous limit of £60,000. Similarly, in the South East, a property valued at £438,000 now carries a borrowing potential of £258,000, up from £207,000. These changes open new possibilities for a demographic often considered underserved in the mortgage market.
Importantly, LiveMore’s assessment for borrowing is conducted on an interest-only basis, without insisting on minimum income thresholds. Furthermore, the removal of the age cap means that anyone over the age of 50 can take advantage of these new conditions, enhancing accessibility to financial products. Les Pick, the Director of Intermediary Sales at LiveMore, emphasised that these updates provide more options for those over 50 seeking refinancing solutions. Pick noted, “These changes will give the underserved over-50s greater options for their home financing.”
The updated offerings are easily accessible via the LiveMore Mortgage Matcher on their website, which filters through more than 200 later-life lending products to identify the best fit for each client. This enhanced simplicity in accessing information and products further demonstrates LiveMore’s commitment to streamlining the customer experience, even as the market remains volatile.
LiveMore’s strategic changes to mortgage equity requirements underscore its focus on enhancing financial accessibility for older borrowers, adapting to their unique needs.
