LiveMore, the specialist over-50s mortgage lender, is to offer its interest-only products in Scotland.
The expansion will enable Scottish customers aged from 50 to over 90 to access LiveMore’s full range of products, flexible terms rates and holistic affordability criteria.
LiveMore offers is Retirement Interest Only (RIO) and Term Interest Only (TIO) products and has identified Scotland as a high-opportunity later-life market, “vastly underserved” by the high street banks.
The FCA’s latest Mortgage Prisoners Review found that Scotland is home to 5,500 of the UK’s 47,000 mortgage prisoners – the third-highest concentration of all the UK regions.
Customers will have access to a range of fixed rates from five to 30 years, a maximum LTV of 75%, and an alternative to either having to downsize or apply for an equity release mortgage.
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.”
Richard Howes, director of mortgages at Paradigm, added: “Paradigm are extremely pleased to see LiveMore expand into Scotland with their proposition. This market area needs as wide a choice as possible, and it is really encouraging that LiveMore can now offer specialist retirement solutions for brokers and their later-life customers. This is providing more opportunity for over-50s to lengthen their time in their homes and a new conduit for brokers in the region to expand their relationships to include more customers.
“Intermediaries who register with LiveMore will gain immediate access to LiveMore’s full range of interest-only mortgage products.”