Lender offers product only after full affordability assessment
Later life lender LiveMore has launched what it claims is the lifetime mortgage product with the broadest property criteria in the market today.
After a successful trial, the lender is rolling out Property Plus to complement its existing product range and offer all mortgage repayment types for the over-50s.
According to the lender, Property Plus will consider a variety of features that other lenders won’t lend on, including spray foam, near to commercial property and pylons, non-standard construction, listed buildings, and flood risk.
Also, if a broker decides equity release is the best option for their client but doesn’t have the relevant qualification, they can make a referral to LiveMore’s internal team in exchange for a referral fee.
LiveMore, which launched into equity release in July, said the product was only offered after a full affordability assessment had been carried out, and only when serviced interest was not possible.
“All older borrowers deserve a full affordability assessment to check whether serviced interest options are better for them,” commented Leon Diamond (pictured), chief executive and founder of LiveMore.
“As we are the only later life lender to offer all repayment types, Property Plus is the only consumer-duty compliant equity release product. This is because our technology considers interest-only and repayment mortgages first.
“We fully back the recent FCA review, which found that equity release is often sold when a mortgage would have been more suitable. But if equity release is the right product, we’re proud to offer the broadest property criteria in the lifetime lending market.”
Brokers who want to know more about Property Plus can join a webinar on Wednesday at 10am.
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