Mortgage lender for over-50s ups max loan values

Mortgage lender for over-50s ups max loan values

LiveMore has increased the maximum loan value across its core range of products from £1 million to £1.25 million.

The borrowing increase applies to LiveMore 1, 2 and 3 as well as the ‘Up to 100% debt consolidation’ product, which allows borrowers to use 100% of any capital raise to pay off debts.

Sam Ward, head of proposition strategy and development at LiveMore, said: “While the economy and housing market is on the up, many older borrowers are still feeling financially challenged.

“These changes are the first of many, as we continue to support borrowers aged 50 to 90 plus.”

At the same time, the firm has increased the amount and types of permissible adverse credit.

The increase in maximum adverse credit applies to LiveMore 4 as follows:

  • An increase from three to four missed payments on unsecured arrears

  • A rise in the value of permissible satisfied county court judgements (CCJs) and defaults from £1,500 to £2,500

  • The allowance of a debt management plan (DMP) if satisfactorily maintained and over three years prior to application.

The changes apply across LiveMore’s standard capital and interest, standard interest only and retirement interest only (RIO) products.

Intermediaries with customers who want a loan greater than £1.25m, can seek a referral through their LiveMore business development manager (BDM).