"We have worked extensively with brokers to understand the current gaps in the equity release market. These new products, including the drawdown facility, are a result of that work."
- Les Pick, director of intermediary sales at LiveMore
LiveMore has improved and extended its lifetime mortgage product range to widen the financial options for people aged 50 to 90 plus. For the first time, the firm is also offering borrowers the option of a drawdown facility.
The new range will elevate LiveMore’s existing equity release offering to include four new and updated products, which are available immediately for loans of up to £1million. LiveMore is also entering the larger drawdown segment of the equity release market, offering drawdown as an option on all four products.
The products are standard, six-month offer (on new purchases), five-year ERC, and Property Plus.
The standard equity release product will now incorporate some of the property criteria originally only available on LiveMore’s Property Plus product. As standard, property considerations now include above, below and near commercial premises or those which are being used to run a business, as well as properties that are Grade 2 listed, ex-local authority, have non-commercial annexes, or are near pylons and solar panels.
The new six-month product provides a six-month offer window to customers who want to purchase a new property, while the new five-year ERC product includes the option of partial repayments of up to 15% per annum.
The new Property Plus product caters for a wider range of property than in the updated standard product, such as properties near contaminated land or on flood zones, buildings made of steel frame or timber, and more.
The standard, six-month and five-year ERC products all offer 10 different LTV bands to a maximum LTV of 49.75%.
All four products include day-one downsize protection and a three-year compassionate window so a customer can sell the property without paying an ERC if the other borrower passes or moves into long term care. They also come with free valuations, no product fees and an eight-year ERC period - except for the five-year ERC product.
LiveMore has also extended its offer validity period to three months apart from the new six-month offer product.
Les Pick, director of intermediary sales at LiveMore, said: “We have worked extensively with brokers to understand the current gaps in the equity release market. These new products, including the drawdown facility, are a result of that work. We will continue to show our commitment to supporting brokers and customers so they can find a great product that is right for them.
“The new range is already incorporated into our market-leading digital tool, the LiveMore Mortgage Matcher, so that brokers can quickly and easily search across our full product range of equity release, standard interest-only, standard capital and repayment, and retirement interest-only mortgages. In five minutes, the Mortgage Matcher can provide a full search and a PDF of suitable options for brokers to give their client, helping provide good customer outcomes in line with Consumer Duty.”
