"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."
- Samantha Ward, head of proposition strategy and development at LiveMore
LiveMore has increased the LTV ratio on its standard interest-only mortgages from 70% to 75%. It has kept its rates the same, meaning borrowers can now secure a 75% LTV mortgage at the same rate applied to 70% LTV.
The 5% LTV increase applies across LiveMore 1, 2 and 3 standard interest-only products. It brings the LTV ratio in line with the 75% LTV that already applies to LiveMore’s retirement interest-only products.
The LTV increase is aimed at widening LiveMore’s customer base by making its mortgages available to a broader range of people over 50.
LiveMore has recently removed all upper age limits from its criteria as well as reducing the minimum deposit, or equity, that borrowers are required to have in their property when applying for a standard interest-only mortgage - with equity limits set into four bands across England, mainland Scotland and Wales.
LiveMore will lend from £20,000 up to £1.5m up to 75% LTV and to £2.5m up to 60% LTV.
Samantha Ward, head of proposition strategy and development at LiveMore, said: “Regardless of age, we are committed to finding a variety of solutions for a wide range of borrowers. For too long, the over 50s have been treated as second-class citizens where finance is concerned. 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.”
