Lender maintains a policy of considering applicants with adverse credit records
Later life lender LiveMore has expanded its criteria to allow intermediaries and their clients to consolidate 100% of their debt on mortgages up to £1 million.
The enhanced debt consolidation option is now part of LiveMore’s array of maximum loan-to-value (LTV) mortgage products, which includes standard interest-only at 70% LTV, retirement interest-only at 75% LTV, and standard capital and interest at 85% LTV. These offerings come without a loan-to-income (LTI) cap.
LiveMore said it would continue to consider applicants with adverse credit, including those with mortgage and unsecured arrears, county court judgements (CCJs), and defaults. The lender also remains open to various sources of income for applicants up to the age of 80, including earnings from self-employment with only one year of accounts, rental income, and most pension types.
Tim Wellard, a product manager at LiveMore, said that the introduction of the debt consolidation feature aims to alleviate financial pressures for older borrowers, particularly against the backdrop of rising living costs and the increasing number of mortgage prisoners.
“LiveMore is founded on the belief that everyone who can afford a mortgage should be able to live and remain in their own homes for as long as they want to – whether they’re 53 or 103 years old,” Wellard added.
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