Older borrowers can now access 75% LTV loans at the cost of 70% LTV
Later life lender LiveMore has raised the loan-to-value (LTV) ratio on its standard interest-only mortgages from 70% to 75%.
The lender confirmed that mortgage rates remain unchanged, allowing borrowers to access higher LTV loans at the same cost previously associated with 70% LTV products.
The 5% increase applies to LiveMore’s standard interest-only products under its LiveMore 1, 2, and 3 ranges. The move aligns the LTV cap for these products with the 75% LTV limit already available on the lender’s retirement interest-only mortgages.
The adjustment is part of LiveMore’s broader strategy to expand its offerings to older borrowers, a demographic often underserved in the UK mortgage market. By increasing the LTV ratio, the lender aims to provide greater access to funding for people over 50, helping them borrow more while maintaining responsible affordability criteria.
This announcement follows recent updates to LiveMore’s lending policies, including the removal of all upper age limits. The lender is now willing to consider applications from borrowers over the age of 90.
Earlier this month, LiveMore also reduced the equity requirements for its standard interest-only products, introducing simplified banding across England, mainland Scotland, and Wales.
The lender offers loans starting from £20,000 up to £1.5 million for 75% LTV products, and up to £2.5 million for loans capped at 60% LTV. Borrowers can use these mortgages for various purposes, including moving house, releasing equity, or even purchasing a property for the first time.
“For too long, the over-50s have been treated as second-class citizens where finance is concerned,” said Samantha Ward (pictured), head of proposition strategy and development at LiveMore. “In fact, many people are more than financially capable of maintaining payments on their mortgage well into retirement, so we at LiveMore are finding ways to enable them to access the funding they need.
“We are finding more than ever that borrowers are reviewing their financial circumstances to help support them or their families in later life. Borrowers may want to help their children or grandchildren to get onto the property ladder for example, perhaps release funds for home improvements or plan for inheritance tax, or maybe just improve their standard of living – and our mortgages enable them to do that.”
The updated LTV limits are now available through LiveMore’s Mortgage Matcher, a digital tool designed to help brokers identify suitable mortgage products for clients based on their individual circumstances.
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