LiveMore has cut rates and changed criteria across its Standard, Retirement Interest Only (RIO), and Lifetime (Equity Release) mortgage ranges, effective immediately.
Rates across all Standard and RIO LiveMore 1 to LiveMore 4 products, including the Spring Saver Limited Edition range, have been reduced by up to 0.59%, with starting rates now from 5.43%.
The lender also made several updates to its affordability assessments and criteria.
The reversionary margin has been reduced from 3.50% to 3.00%.
Adjustments to how different types of income are assessed and refinements to stress testing measures are expected to increase lending potential.
For example, a single applicant aged 68 earning £65,000 with £5,000 bonus and £5,000 shift allowance on a LiveMore 1 5-year fixed rate product over a 10-year term, would previously have been able to borrow £459,400 versus £521,900 which they could now potentially borrow, an uplift of £62,500 or almost 14% (13.6%).
Further changes include the acceptance of septic tanks under Standard criteria, aligning with earlier updates made in January that moved properties from Property Plus to Standard.
