LiveMore has expanded its product offering to include equity release mortgages.
The lifetime mortgage joins LiveMore’s current range of retirement interest-only, interest-only, as well as capital and interest mortgages.
It is anticipated that the new lifetime mortgage will only be used by those for whom LiveMore’s other products are not suitable.
Rates start at 7.5% and customers can borrow up to 10% of the value of their home at age 55and up to 43% for those aged 90+. There are no product or valuation fees, and the productcomes with a no negative equity guarantee and is portable if customers wish to move.
Loan sizes range from £10k up to £1million and the property must have a minimum valuationof £100k. To bring the final repayment down there is the option to make voluntary repayments of up to 10% a year.
LiveMore says its fixed early repayment charges (ERC) end after 10 years. There are no ERCs if the customer passes away or moves into long-term care. For joint borrowers, if one moves into long-term care or passes away the other has a three-year window to redeem the mortgage or sell the property ERC free.
Leon Diamond, CEO and founder of LiveMore, said: “We’ve been working extremely hard on our lifetime mortgage product, which complements our existing proposition and will only be advised upon if our other options are not suitable for someone.
“Consumer duty is all about finding the right result based on each client’s circumstances. By offering repayment, interest-only and lifetime mortgages, we can truly say that LiveMore is able to find the most suitable product every time.
“Equity release is great in some cases, but not all. That’s why we’re proud that offering the broadest product range in the later life market means, for example, that we can help those over 55 who would benefit from equity release, but also recommend a retirement interest-only mortgage if they would be better off making interest payments.”