LiveMore’s recent adjustments significantly lower the equity needed for mortgages, broadening opportunities for those over 50.
- The equity requirement reduction ranges up to £91,500, impacting various regions including London and Scotland.
- Borrowers aged 50 to 90-plus can now access greater loan amounts due to these changes.
- The removal of the upper age cap allows more borrowers over the age of 50 to benefit from these adjustments.
- LiveMore has streamlined its mortgage products, making it easier for brokers to navigate options via their website.
LiveMore has introduced substantial changes to its mortgage products by reducing the minimum equity required for standard interest-only mortgages by up to £91,500. This move aims to make borrowing more accessible for individuals aged 50 to over 90. By lowering these equity requirements, LiveMore enhances the borrowing capacity for this demographic, enabling more significant financial flexibility.
The minimum equity reductions have been categorised into four distinct regions: Scotland, Wales, the North East, North West England, and Yorkshire & Humberside require £80,000; East Midlands, West Midlands, and East Anglia require £100,000; South East and South West England require £180,000; and London requires £250,000. These adjustments allow, for instance, a buyer in the North West to borrow up to £151,000 on a property valued at £231,000, compared to the previous limit of £60,000. Similarly, in the South East, on a property valued at £438,000, borrowing potential has risen from £207,000 to £258,000.
An essential aspect of LiveMore’s revised terms is the elimination of the upper age cap, meaning there is now greater inclusivity for borrowers over 50. This change is particularly beneficial as it allows older borrowers to take advantage of the increased borrowing limits. Importantly, LiveMore assesses affordability on an interest-only basis, which doesn’t enforce minimum income requirements and instead focuses on a broader view of the borrower’s financial standing.
Les Pick, Director of Intermediary Sales at LiveMore, notes that these changes are designed to provide the often underserved over-50 audience with enhanced home financing options. As market conditions can fluctuate, simplifying product options via the LiveMore Mortgage Matcher on their website is a priority, ensuring brokers can efficiently access over 200 later life lending products tailored to meet diverse client needs.
LiveMore’s strategic changes offer greater financial flexibility for the over-50s, expanding borrowing possibilities.
