LiveMore, the lender for people aged 50 to 90-plus, has expanded its product offering to include equity release mortgages.
The lifetime mortgage was added to LiveMore’s current range of retirement interest-only (RIO), interest-only, and capital and interest mortgages.
LiveMore said it aimed to offer holistic home loan finance, particularly with Consumer Duty imminent, as consideration of all potentially suitable products alongside equity release should be a focus point in the later life sector.
It anticipated that the lifetime mortgage would only be used by those for whom LiveMore’s other products were not suitable.
Rates start at 7.5% and customers can borrow up to 10% of the value of their home at age 55 and up to 43% for those aged 90-plus.
There are no product or valuation fees, and the product comes with a no negative equity guarantee and is portable if customers wish to move.
Loan sizes range from £10,000 up to £1m and the property must have a minimum valuation of £100,000.
To bring the final repayment down there is the option to make voluntary repayments of up to 10% a year.
Leon Diamond (pictured), 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.”
Diamond stressed the importance that while equity release is the right solution for some, it should not be the only option.
He said: “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.”
