"These new tiers of LiveMore 1, 2, 3 and 4 allow us to offer mortgages to more people aged 50 to 90+, including those with a complex credit history such as past arrears."
Instead of a two-tier system dividing products into standard and complex, LiveMore is introducing a structure with four levels of criteria.
The LiveMore 1, 2, 3 and 4 range has options which allow brokers to match their customers with the most appropriate product for their needs. This includes clients with a more complex credit profile, those looking to consolidate debts, remortgage or purchase a property of non-standard construction.
LiveMore’s range still concentrates on retirement interest-only (RIO) and term interest-only (TIO) mortgage products with maximum loan-to-values of between 60% and 75%.
The structure of the fees and incentives is also changing, so there is now a Fee Paid Range and a Fee Assisted Range (no product fee and free valuation) across all products. Loan sizes start at £10,000 and go up to £1.5m.
In addition, LiveMore is trialling a lower price point on its 10-year fixed rate which now starts at 3.70% for a 10-year LiveMore 1 TIO.
Alison Pallett, managing director of sales at LiveMore, commented: “We are excited to launch the next phase of LiveMore’s development, which is in response to what brokers have told us they are looking for.
“These new tiers of LiveMore 1, 2, 3 and 4 allow us to offer mortgages to more people aged 50 to 90+, including those with a complex credit history such as past arrears.
“We have also put the lowest rates on our 10-year fixes recognising the current trend of increasing customer demand for longer-term fixed mortgages given the rising interest rate environment.
“We have a ‘can do’ approach to lending and manually underwrite all applications with brokers and their clients having access to underwriters as each case progresses. We assess a case on its merits, not the age of borrower, and take account of all income, pension and assets, not just salary.”
