Its entire range, including its retirement interest-only and lifetime products, now has no maximum age limit
Later life lender LiveMore has eliminated the maximum age limit and extended the terms of its standard mortgage offerings to provide greater choice and inclusivity for borrowers in the 50 to 90-plus age group.
Previously, the maximum borrowing age for LiveMore’s standard capital and interest mortgages was 85 years, and 80 years for standard interest-only mortgages. The lender has now removed these age limits entirely.
In addition, LiveMore has extended the maximum term for its standard mortgage ranges to 40 years, an increase from the previous 30-year term for interest-only mortgages and 35-year term for capital and interest mortgages.
For sole applicants, the minimum age remains 50 years for both standard and retirement mortgages. For joint applications, if one applicant is 50 or older, the second applicant can now be as young as 45.
LiveMore’s entire range, including its retirement interest-only (RIO) and lifetime (equity release) mortgages, now has no maximum age limit. The lender also has no minimum income requirement on capital and interest, and interest-only mortgages. For interest-only mortgages, minimum equity rules apply.
“We understand that borrowing later in life is often necessary for many different reasons, and that income can come from a variety of sources,” said Samantha Ward (pictured), head of proposition strategy and development at LiveMore. “We therefore feel it is much fairer to assess borrowers by their ability to make their repayments rather than on their age.
“By removing the upper age caps and extending our mortgage terms, we believe we can assist a wider range of customers who are just as creditworthy as any other segment of the market.”
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