LiveMore eases equity requirements for over-50s

Changes to minimum equity vary by region

LiveMore eases equity requirements for over-50s

LiveMore has lowered the minimum equity required for its standard interest-only mortgages, enabling borrowers aged 50 and over to access larger loans.

The later life lender has reduced the equity threshold by up to £91,500, aiming to support older borrowers across England, Scotland, and Wales.

The revised minimum equity requirements vary by region. In Scotland, Wales, North East and North West England, and Yorkshire and Humberside, the minimum equity is now set at £80,000. In the East Midlands, West Midlands, and East Anglia, it is £100,000. For South East and South West England, the threshold is £180,000, and, in London, it has been set at £250,000.

Under the new guidelines, a borrower purchasing a property in the North West valued at £231,000 can now borrow up to £151,000, compared to the previous limit of £60,000. Similarly, a buyer in the South East purchasing a £438,000 property can now access up to £258,000, up from the previous cap of £207,000.

Borrowing remains subject to affordability, which LiveMore assesses on an interest-only basis without minimum income requirements. The company recently removed its upper age cap, meaning any borrower aged 50 and above can now qualify for these adjusted terms.

“These changes will give the underserved over-50s greater options for their home financing,” said Les Pick (pictured), director of intermediary sales at LiveMore. “We understand that changes to lending criteria can be challenging for brokers, especially as the market continues to fluctuate, so we’ve made our product options easy to access on the LiveMore Mortgage Matcher on our website. It filters through 200+ later life lending products to find options that best suit each client.”

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