It launches new products and a drawdown option
Later life lender LiveMore has unveiled a revamped range of lifetime equity release products aimed at increasing financial flexibility for borrowers aged 50 to 90 and older.
The updated offering includes four new or improved products, along with the introduction of a drawdown facility for the first time in the company’s equity release portfolio.
The expanded range, now available for loans of up to £1 million, includes standard, six-month offer (designed for new purchases), five-year early repayment charge (ERC), and Property Plus products.
A key addition to LiveMore’s offering is the drawdown feature, which will be available on all four products, enabling borrowers to access funds as needed rather than taking the entire loan amount upfront.
⚠️ Today we've revamped our LIFETIME range, launching 4️⃣ new products:
— LiveMore Mortgages (@LiveMoreCapital) January 8, 2025
𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱, 𝗙𝗶𝘃𝗲 𝘆𝗲𝗮𝗿 𝗘𝗥𝗖, 𝗦𝗶𝘅 𝗺𝗼𝗻𝘁𝗵 𝗼𝗳𝗳𝗲𝗿 (𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲), 𝗮𝗻𝗱 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆+
✅ Drawdown on all new ER products!
✅ Market leading LTVs
✅ Unique property now…
The standard product has been upgraded to incorporate property criteria previously exclusive to the Property Plus range. Eligible properties now include those near commercial premises, being used to run a business, or with features such as annexes, Grade 2 listed status, or proximity to pylons and solar panels. The new six-month offer product is unique to the equity release market, providing borrowers with a six-month window to secure funding for property purchases.
LiveMore’s five-year ERC product allows partial repayments of up to 15% per year without penalty, while the updated Property Plus option accommodates an even broader range of properties, including those near contaminated land, in flood zones, or constructed with non-standard materials like steel or timber.
To cater to diverse borrower needs, the standard, six-month offer, and five-year ERC products are available across 10 different loan-to-value (LTV) bands, with a maximum LTV of 49.75%. All four products also include day-one downsize protection, a three-year compassionate window allowing borrowers to sell without ERC penalties if the co-borrower passes away or enters long-term care, free valuations, no product fees, and an eight-year ERC period (except the five-year ERC product). Additionally, LiveMore has extended its offer validity period to three months, except for the six-month Offer product.
“We have worked extensively with brokers to understand the current gaps in the equity release market,” said Les Pick (pictured), director of intermediary sales at LiveMore. “These new products, including the drawdown facility, are a result of that work.”
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