LiveMore has increased its loan-to-value (LTV) ratio on standard interest-only mortgages from 70% to 75%.
This change allows borrowers to access larger mortgage amounts at the same interest rate previously applicable to the 70% LTV.
The increase applies to LiveMore’s 1, 2, and 3 standard interest-only products and aligns with the existing 75% LTV for its retirement interest-only products.
The adjustment intends to broaden LiveMore’s customer base by making mortgages more accessible to those aged 50 and above.
LiveMore has removed upper age limits, now lending to individuals over 90.
Earlier this month, the company also reduced the minimum deposit required for standard interest-only mortgages.
LiveMore enables over 50s to borrow from £20,000 up to £1.5m at a 75% LTV and up to £2.5m at a 60% LTV, ensuring borrowers remain within responsible affordability limits.
Samantha Ward (pictured), head of proposition strategy and development at LiveMore, said: “Regardless of age, we are committed to finding a variety of solutions for a wide range of borrowers.
“For too long, the over 50s have been treated as second-class citizens where finance is concerned.
“In fact, many people are more than financially capable of maintaining payments on their mortgage well into retirement, so we at LiveMore are finding ways to enable them to access the funding they need.”
Ward added: “We are finding more than ever that borrowers are reviewing their financial circumstances to help support them or their families in later life.
“Borrowers may want to help their children or grandchildren to get onto the property ladder for example, perhaps release funds for home improvements or plan for inheritance tax, or maybe just improve their standard of living – and our mortgages enable them to do that.”
