"The very reason LiveMore exists is to bring more choice to later-life borrowers, so we’re absolutely thrilled to be expanding that remit to benefit consumers in Scotland."
The expansion will enable Scottish customers aged from 50 to over 90 to access LiveMore’s full product range, including its retirement interest-only (RIO) and term interest-only (TIO) products. LiveMore offers a range of fixed rates from five to 30 years and a maximum LTV of 75%.
The FCA’s latest Mortgage Prisoners Review revealed that Scotland is home to 5,500 of the UK’s 47,000 mortgage prisoners - the third-highest concentration of all the UK regions.
LiveMore’s entry into the market will open up more opportunities for local brokers and borrowers alike - whether their goal is to reduce monthly payments by debt consolidation or to release equity to help their children get on the property ladder.
Alison Pallett, managing director of sales at LiveMore, said: “The very reason LiveMore exists is to bring more choice to later-life borrowers, so we’re absolutely thrilled to be expanding that remit to benefit consumers in Scotland. It’s a great injustice that perfectly capable people with stable finances are being pushed out of the market for the simple reason that they happen to be over the age of 50 and aren’t aligned to rigid and arbitrary criteria.
"We’re delighted about the impact our fresh approach to affordability will have on Scottish borrowers who’ve been frustrated by the shortcomings of existing offerings and look forward to developing relationships with local intermediaries to revitalise this untapped market.”