It also expands adverse credit options
Later life lender LiveMore has increased the maximum loan value across its core product range from £1 million to £1.25 million and has expanded the amount and types of permissible adverse credit.
The borrowing limit increase applies to LiveMore 1, 2, and 3 products, as well as the recently launched Up to 100% debt consolidation product, which aims to facilitate remortgaging for those seeking to consolidate unsecured debts exceeding £10,000, representing more than half of their total mortgage amount.
For loans exceeding £1.25 million, intermediaries can request a referral through their LiveMore business development manager.
Meanwhile, changes to the maximum adverse credit apply to LiveMore 4, including an increase from three to four missed payments on unsecured arrears; a rise in the value of permissible satisfied county court judgements (CCJs) and defaults from £1,500 to £2,500; and the allowance of a debt management plan (DMP) if satisfactorily maintained and over three years prior to application.
These adjustments affect LiveMore’s standard capital and interest, standard interest only, and retirement interest only (RIO) products.
“While the economy and housing market is on the up, many older borrowers are still feeling financially challenged,” said Sam Ward (pictured), head of proposition strategy and development at LiveMore. “These changes are the first of many, as we continue to support borrowers aged 50 to 90 plus.”
The lender recently reduced rates across a wide range of products, including five-year fixed rates on its RIO mortgages, standard interest-only, and standard capital and interest mortgages. Rates on Lite, Standard, and Property+ lifetime mortgages have also been reduced. Rates for the five-year LiveMore 1 standard capital and interest and standard interest-only products now start at 5.99%, while RIO products begin at 6.18%.
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