LiveMore recently came to the aid of 60-year-old Audrey, who was unaware of her financial options following an unexpected divorce.
After dealing with the divorce and downsizing to a mortgage-free terraced house as part of the settlement, Audrey realised that a bungalow would give her the space and longer-term piece of mind that she would need going forward.
But she would need a mortgage to be able to afford the bungalow she wanted and didn’t think that was possible at her age – by now, she was in her mid-50s.
Audrey said: “I thought the gap between my savings and the price of the bungalow was too large to be able to move.
“It was my financial advisor who suggested looking at LiveMore.
She added: “I did have some anxiety about taking on a mortgage at my age.
“We’re brought up to obsess about being debt-free, believing that we should pay off our homes. In fact, when I told my mum she said ‘no’.
“But my financial advisor reassured me – and showed me how the debt actually helps to protect my assets from inheritance tax.”
Tash Bloom, from LiveMore, added: “Audrey doesn’t look like the ideal mortgage candidate to your average high-street bank.
“Traditional mortgage lenders look at income against a long-term loan.
“But LiveMore uses a manual underwriting process, a bit like an old-school bank manager, which means we can tailor a solution for people like Audrey.
She continued: “You don’t have to be retired. Many older people still work part-time.
“But our flexible approach means that as long as you can pay, we should be able to lend to you. And age is not a barrier. Our oldest customer is 96.”
Audrey added: “As soon as I saw the bungalow, I knew it was for me.
“It needed work, but I’ve loved working on it and the garden. It has helped to take my mind off things. And I’m finally where I wanted to be.”
