Compare LiveMore Equity Release Quotes Against The Market

As the landscape of later life lending evolves, newer providers are entering the market with innovative approaches. LiveMore, a specialist mortgage lender for the over-50s, has quickly made a name for itself by offering greater flexibility and a wider range of options than many traditional equity release providers. This review explores LiveMore's offerings to help you determine if they are the right lender for your needs.

If you would like to arrange a free, no-obligation chat with an equity release adviser who specialises in LiveMore's range, you can get started below.

Who is LiveMore?

Launched in 2020, LiveMore is a relatively new but dynamic mortgage lender in the UK market. Backed by major institutional investors, their mission is to challenge the conventional lending criteria for older borrowers. They cater to a broad age range, from 50 to 90+, and focus on assessing affordability to provide a wider variety of mortgage solutions, including standard equity release and interest-only lifetime mortgages.

What is LiveMore Equity Release?

LiveMore offers a suite of lifetime mortgages designed to provide flexibility for borrowers in later life. While they provide standard interest roll-up lifetime mortgages, their standout products are their interest-only lifetime mortgages.

These plans allow borrowers to pay the interest on their loan each month, which keeps the loan amount level and protects the equity in their home. This is a significant departure from traditional equity release where the interest compounds and the debt grows over time. Should the borrower's circumstances change, they can switch to the interest roll-up option, where the interest is then added to the loan.

Key Features of LiveMore Equity Release

LiveMore's mortgage products come with several compelling features:

• Wide Age Range: They lend to applicants from the age of 50 up to 90 and beyond, opening up options for a broader demographic.

• Interest-Only Options: Their core offering allows borrowers to manage their loan by paying the monthly interest, thereby preventing the debt from escalating.

• No Negative Equity Guarantee: A standard feature for all Equity Release Council members, ensuring the final debt will never exceed the property's sale price.

• Fixed Interest Rates: All their lifetime mortgages come with an interest rate that is fixed for the life of the loan, providing long-term certainty.

• Downsizing Protection: Allows you to move home and repay the mortgage without an early repayment charge, subject to the plan's terms and conditions.

• Voluntary Overpayments: Borrowers can typically overpay up to 10% of the initial loan amount each year without penalty.

LiveMore Equity Release Interest Rates

LiveMore offers competitive, fixed interest rates. The exact rate you receive will be determined by factors such as your age, property value, the loan-to-value (LTV) ratio, and the specific product you choose (interest-only vs. roll-up). For the most accurate figures, it is essential to get a personalised quote from a financial adviser.

Eligibility Criteria

To be eligible for a LiveMore lifetime mortgage, you generally need to meet the following criteria:

• You must be aged between 50 and 90+.

• You must own a property in England or Wales (they are expanding to Scotland).

• Your property must be your main residence and meet their valuation and construction criteria.

• The minimum property value is typically £100,000.

• For interest-only options, you must be able to demonstrate that you can afford the monthly interest payments.

LiveMore Equity Release Reviews

As a modern lender, LiveMore has garnered positive reviews for its flexible approach and for serving customers who may have been turned away by more traditional lenders. Clients often praise the ability to service the interest on their loan, which provides a greater sense of control. Some feedback points to a more detailed application process, particularly for the interest-only options, due to the required affordability checks.

Pros and Cons of LiveMore Equity Release

Pros:

• Greater Flexibility: The interest-only option is a major advantage for those who want to protect their inheritance.

• Broader Age Inclusivity: Catering to ages 50-90+ opens doors for many more homeowners.

• Prevents Debt Escalation: By paying the interest, the loan balance remains level, unlike compounding roll-up plans.

• Modern, Tech-Driven Approach: Often results in a smoother and more transparent process for applicants.

Cons:

• Affordability Checks Required: The interest-only option requires proof of income to cover payments, which not all retirees will have.

• A Newer Lender: Some may prefer the longer track record of more established providers.

• Reduced Disposable Income: Committing to monthly interest payments will reduce your available income during retirement.

• Early Repayment Charges: Like all lifetime mortgages, significant charges can apply if you repay the loan ahead of schedule.

How to Apply for LiveMore Equity Release

You must apply for a LiveMore mortgage through a qualified mortgage adviser. This is a regulatory requirement to ensure you receive professional advice. The adviser will assess your personal and financial circumstances, confirm your eligibility, and recommend the most suitable product for you before guiding you through the entire application.

Get started here to arrange a free, no-obligation chat with an adviser who specialises in LiveMore’s equity release range and can access their products for you.