"The cost-of-living crisis shows no signs of abating, so we’re doing all we can to support customers, and provide more options to intermediaries."
- Tim Wellard, senior proposition manager at LiveMore
Later life mortgage lender, LiveMore, has launched a new range allowing up to 100% standalone debt consolidation.
The new product fulfils an identified customer need during the current cost of living crisis to both reduce payments and avoid restrictions to the maximum amount of debt they can consolidate.
‘Up to 100% Debt Consolidation’ is designed for remortgaging customers who want to consolidate over £10,000 of unsecured debts, which would make up more than 50% of the total mortgage. Using LiveMore’s affordability criteria, customers may be eligible to borrow up to £1m against a range of properties.
This new range is applicable up to 75% LTV for retirement interest-only mortgages, 70% for standard interest-only mortgages and 85% for standard capital and interest mortgages. It applies across LiveMore’s wider range of fixed two-year, five-year, 5+5 year, 10-year and fixed-for-life (RIO only) rates.
LiveMore will consider people with an element of adverse credit and also accepts earned income up to the age of 80 years old, including self-employed with one-year accounts, as well as rental, lodger, and a range of pension incomes. The range also comes with £500 cashback and free standard valuation.
The decision to launch Up to 100% Debt Consolidation as a standalone range is based on the February 2024 introduction of 100% debt consolidation as a more discrete addition to LiveMore 3 which now returns to its previous criteria.
LiveMore says the new standalone range will make it easier for intermediaries to select the required product and present it to clients.
Tim Wellard, senior proposition manager at LiveMore, said: “We believe that everyone should be able to live in their own house, no matter their age. The cost-of-living crisis shows no signs of abating, so we’re doing all we can to support customers, and provide more options to intermediaries.”
