LiveMore has revamped its lifetime equity release (ER) products to improve financial options for those aged 50 to 90-plus.
The lender also introduced a drawdown facility for the first time, expanding its existing ER range.
The updated offerings include four new products available for loans up to £1m: a standard product, a six-month offer for new purchases, a 5-year early repayment charge (ERC) option, and a Property Plus product.
The standard ER product now incorporates property criteria previously exclusive to the Property Plus product.
This includes properties situated above, below, or near commercial premises, Grade 2 listed properties, ex-local authority homes, and those near pylons or solar panels.
The six-month ER product offers a unique six-month window for customers looking to purchase new properties.
The 5-year ERC product allows partial repayments of up to 15% each year.
LiveMore’s Property Plus product caters to a broad range of properties, including those located near contaminated land or flood zones, and buildings made of steel or timber.
All four products provide various loan-to-value (LTV) bands, with a maximum LTV of 49.75%.
Each product includes day-one downsize protection and a three-year compassionate window, enabling customers to sell their property without paying an ERC if a borrower passes away or enters long-term care.
They also feature free valuations, no product fees, and an 8-year ERC period, except for the 5-year ERC product.
The offer validity period has been extended to three months, apart from the six-month offer.
Les Pick (pictured), director of intermediary sales at LiveMore, said: “We have worked extensively with brokers to understand the current gaps in the ER 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.”
Pick added: “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 ER, 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.”
