Rates of the new products start at 7.5%
Later life lender LiveMore has expanded its product offering to include equity release mortgages and offer customers the widest range of options possible.
Rates of the new products start at 7.5%, and customers can borrow up to 10% of the value of their home at age 55 and up to 43% for those aged 90-plus. There are no product or valuation fees, and the product comes with a no negative equity guarantee and is portable if customers wish to move.
Loan sizes range from £10,000 up to £1million. The property must have a minimum valuation of £100,000. To bring the final repayment down, there is also an option to make voluntary repayments of up to 10% a year.
LiveMore’s fixed early repayment charges (ERCs) end after 10 years, and there are no ERCs if the customer passes away or moves into long-term care. For joint borrowers, if one moves into long-term care or passes away, the other has a three-year window to redeem the mortgage or sell the property ERC free.
The addition of lifetime mortgages completes LiveMore’s product suite, making it the lender with one of the broadest product offerings in the later life lending space. It joins LiveMore’s current range of retirement interest-only, interest-only, as well as capital and interest mortgages.
The product offering expansion, the later life lender said, becomes ever more important under the new Consumer Duty rules, where brokers and lenders must ensure they provide the best outcome for clients so all options should be considered.
“Consumer Duty is all about finding the right result based on each client’s circumstances,” commented Leon Diamond (pictured), chief executive and founder of LiveMore. “By offering repayment, interest-only, and lifetime mortgages, we can truly say that LiveMore is able to find the most suitable product every time.
“We’ve been working extremely hard on our lifetime mortgage product, which complements our existing proposition, and will only be advised upon if our other options are not suitable for someone.”
Diamond also stressed that while equity release was the right solution for some, it should not be the only option.
“Equity release is great in some cases, but not all,” he explained. “That’s why we’re proud that offering the broadest product range in the later life market means, for example, that we can help those over-55s who would benefit from equity release, but also recommend a retirement interest-only mortgage if they would be better off making interest payments.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
