It cites securitisation milestone and AI-driven tool as key growth drivers
Later life lender LiveMore expects a 300% increase in year-on-year revenue and a 100% rise in lending by the end of 2024.
The projected increase in revenue and lending marks a significant milestone for the four-year-old firm, which recently relocated to new offices in central London following a year of substantial growth.
In June, LiveMore completed its first securitisation, raising £208 million in wholesale funding. The move made LiveMore the first UK lender to securitise retirement interest-only (RIO) mortgages, reflecting both its growth and market confidence in later-life lending as a stable investment.
Technology has been key to LiveMore’s 2024 performance. The lender developed the AI-powered LiveMore Mortgage Matcher, a tool designed to help brokers quickly identify tailored mortgage products for clients. It searches LiveMore’s more than 200 offerings, including interest-only, capital and repayment, RIO, and lifetime (equity release) mortgages.
LiveMore’s data showed brokers using the Mortgage Matcher experienced a 41% increase in loan amounts offered to clients and a 33% rise in the maximum borrowing limit. The tool also enabled intermediaries to switch products more frequently at the borrowing calculator stage.
Leon Diamond (pictured), founder and chief executive of LiveMore, emphasised the firm’s mission.
“Everything we do is to reduce inequality and serve the social purpose of lending to people aged 50 to 90-plus,” he said. “A critical element of our business is constantly looking at how we can support brokers, giving them the tools they need to cut through the complexities of the increasingly mainstream later-life market so they can take full advantage of its enormous opportunities.”
Diamond highlighted the market potential, noting that over-50s hold 78% of housing wealth, while equity among homeowners aged 65 and older is valued at approximately £2.6 trillion.
“The opportunities are immense in mid and later life lending,” he stressed.
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