LiveMore has dropped its minimum borrower age from 50 to 40, aiming to help midlife borrowers facing financial pressures.
The lender will keep offering its range of later life lending products, now open to people aged 40 and above with complex mortgage needs, both before and during retirement.
The change comes as borrowing trends shift, with around 40% of new mortgages now running beyond pension age.
Leon Diamond (pictured), CEO of LiveMore, said: “40% of new mortgages now run beyond pension age, and the biggest group taking them out are people in their 40s.
“Yet many of these borrowers still struggle to access lending because traditional models don’t fairly assess complex finances.
“By the time people reach their 40s, life starts to get financially complicated.”
Diamond added: “Divorce, self-employment, career changes, caring responsibilities and retirement planning can all affect how someone borrows.
“The industry often treats later life borrowing as a niche issue, but the reality is, this starts much earlier.
“What we’re seeing is a midlife mortgage crisis, not just a later life one.”
He said: “Later life lending is no longer niche, it’s becoming mainstream.
“More people are planning mortgages that run through, or even begin in, retirement.
“By expanding our proposition to include borrowers from age 40, we’re helping brokers support clients earlier, particularly those already thinking about how their mortgage will work throughout retirement.”
He added: “I founded LiveMore to provide solutions for later life borrowers, but our ability to solve complex cases means we’re perfectly placed to help the 40+ market as well.
“With pioneering technology, common-sense underwriting and a broad range of products, we’re helping brokers turn more “NOs” into “YESs”.
“Cases that might once have been difficult to place now have a home with LiveMore.”
