LiveMore has made pricing and criteria changes across its Standard, Retirement Interest Only (RIO) and Lifetime (Equity Release (ER)) ranges, with new rates and enhancements live immediately.

The mortgage lender for people aged 50 to 90 plus has reduced rates across all Standard and RIO LiveMore 1 to LiveMore 4 products, including the Spring Saver Limited Edition range, with cuts of up to 0.59% and rates now start from 5.43%.

LiveMore has also introduced several criteria updates aimed at improving affordability and expanding customer eligibility.

Its reversionary margin has been reduced from 3.50% to 3.00% and changes have also been made to the way in which different elements of income are treated.

STRESS TESTING

Stress testing measures have also been refined to reflect current market conditions, enabling increased lending potential.

For example, a single applicant aged 68 earning £65k with £5k bonus and £5k shift allowance on a LiveMore 1 5-year fixed rate product over a 10-year term, would previously have been able to borrow £459,400 versus £521,900 which they could now potentially borrow, an uplift of £62,500 or almost 14% (13.6%).

EQUITY RELEASE UPDATE

Septic tanks are now acceptable under Standard criteria, to align with previous criteria changes that moved from Property plus to Standard in January, and taking into account customer needs and adviser feedback.