LiveMore increases LTV ratio on standard mortgages to 75%
26 November 2024
LiveMore, the mortgage lender for people aged 50 to 90 plus, has increased the loan-to-value (LTV) ratio on its standard interest-only mortgages from 70% to 75%. It has kept its rates the same, so people can borrow more - getting a 75% LTV mortgage at the same rate that 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. The change is part of the firm’s ongoing strategy to support older borrowers who are often underserved by lenders across the market.
LiveMore has recently removed all upper age limits from its criteria, even lending to people who are over 90. Earlier this month it also significantly reduced 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 clear bands across England, mainland Scotland and Wales.
Together with these more generous LTV limits, LiveMore enables over 50s to borrow more, while still borrowing within responsible affordability limits to ensure that people can pay back their loan. Customers may want the loan so they can move home, release equity or sometimes even buy for the first time.
LiveMore will lend from as little as £20,000, right 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.”
LiveMore’s new, more generous, LTVs are now incorporated in the LiveMore Mortgage Matcher®, its market-leading tool which enables brokers to easily find suitable product options for their clients according to their specific financial situation and individual requirements.
LiveMore figures show that brokers using the Mortgage Matcher see an average increase of 41% in the amount clients can borrow. The LiveMore Mortgage Matcher® is free to use and can be found on the LiveMore website at www.livemoremortgages.com/lmm.
