LiveMore has increased maximum LTVs on mortgages with a repayment element and introduced more flexible overpayment rules across its equity release range.
The later life lender has raised the maximum loan-to-value on its non-equity release mortgages from 80% to 85%, applying the higher limit to every LiveMore product with a repayment element.
This includes capital and interest and part and part mortgages, with the lender saying the change could allow advisers to place cases that previously fell outside its lending parameters.
EQUITY RELEASE CHANGES
LiveMore has also removed restrictions on the frequency of overpayments within the early repayment charge allowance on its equity release mortgages.
Customers can now make an unlimited number of overpayments, typically up to an annual allowance of 10%, while the minimum payment has been reduced from £200 to £25.
The lender said this would give customers the option to make smaller payments when they have surplus income or capital rather than waiting until they have accumulated at least £200.
Changes have also been made to LiveMore’s LTV assessments for equity release mortgages, allowing the amount available to be tailored more closely to the circumstances of individual loans.
A new “Age Next Birthday” feature will allow equity release borrowing to be assessed on the basis of a customer’s next birthday when it falls within 60 days. As the amount available can increase with a borrower’s age, eligible customers may therefore be able to access a higher loan amount without waiting until their birthday to apply.
Leon Diamond, chief executive of LiveMore, said: “LiveMore is growing rapidly and part of this is due to the fact that we continue to challenge norms and do things differently.
“Lending into retirement can now apply to people aged just 40 if they take out a 30-year mortgage. Fewer and fewer people now fit neatly into lending criteria that extends to age 70 plus, so changes like the ones we’ve made at LiveMore can make a meaningful difference to the options available to customers.
“It is part of our commitment to actively and consistently look for ways to improve access to funding for borrowers, to provide greater flexibility to borrowers and help brokers say yes more often.”
The changes follow LiveMore’s recent decision to reduce its minimum borrowing age to 40 for capital and interest and part and part mortgages.
The lender works with more than 3,700 registered broker firms and has more than 6,000 customers. Its range includes capital and interest, term interest-only, retirement interest-only, part and part and equity release mortgages for borrowers aged 40 and over.
