LiveMore achieves record month with a 330% growth in lending this year

09 November 2023

In October 2023, LiveMore reported a 330% growth in lending since the start of the year. The lender, which specialises in borrowers over 50, saw 35% monthly growth in October.

It was also their best month since the company’s launch in 2020, with a record number of mortgage applications, offers and completions.

LiveMore’s sustained and substantial growth comes despite there being a slump in the wider later life market, with Q2 figures from the Equity Release Council reporting a 46% drop in the number of new equity release plans taken out this year.

Leon Diamond, LiveMore founder and CEO, attributes LiveMore’s growth to their focus on the customer and ensuring they always get the best outcome.

He said: “Borrowers over the age of 50 have been chronically underserved by mortgage lenders, and LiveMore are leading the charge to fix this.

“We’re standing up for older borrowers and a big part of that change is ensuring they have more choice of products. That’s why we now offer the broadest range of products on the market for older borrowers, from capital and interest all the way through to lifetime mortgages.”

LiveMore has also experienced a significant rise in brokers using their technology to help source later life products. Diamond continued: “Historically, some brokers have shied away from so-called ‘later life’ lending because of the complexity involved in placing cases. That’s why we’ve made the investment in technology to make it easier for brokers to discover the right product for older borrowers.

“Equity release, while useful for some borrowers, is not the right answer in all cases. Our smart matching technology enables brokers to undertake a full affordability assessment so they can recommend the right product for their client in line with the principles of Consumer Duty.

“Not only does this ensure good customer outcomes every time, but it also helps brokers to be more efficient and convert more cases. I am incredibly proud of what the team has accomplished in achieving sustained growth and a record month in October. I look forward to delivering more great outcomes for the over 50s through more product and tech innovation in the coming months and years.”