Friday, June 21, 2024

Livemore increases maximum loan amount and expands criteria for adverse circumstances allowance

Livemore Increases Maximum Loan Value and Widens Acceptance of Adverse Credit

Are you a broker or a borrower looking for a later life specialist mortgage lender that offers flexibility and increased loan options? Look no further than Livemore, who has recently made some exciting changes to their product range.

Livemore has increased the maximum loan value across its core range from £1m to £1.25m, giving borrowers more options when it comes to financing their later life plans. This increase applies to their 1, 2, and 3 ranges, as well as their debt consolidation product. And if you need a loan greater than £1.25m, you can still explore options through Livemore’s business development manager team.

But that’s not all – Livemore has also widened the amount and types of permissible adverse credit accepted. For their Livemore 4 range, borrowers can now have up to four missed payments on unsecured arrears, up from three previously. The value of permissible satisfied county court judgments (CCJs) and defaults has also increased from £1,500 to £2,500. Additionally, Livemore will now consider a debt management plan (DMP) if it has been “satisfactorily maintained” and more than three years prior to application.

Sam Ward, head of proposition strategy and development at Livemore, stated that these changes are aimed at supporting older borrowers aged 50-90-plus who may still be feeling financially challenged despite the improving economy and housing market.

In addition to these changes, Livemore has also recently lowered its mortgage and equity release rates by up to 0.58% in some instances, making their products even more attractive to borrowers.

And the good news doesn’t stop there – Livemore has been expanding its team, with new appointments and promotions in key roles. This includes appointing Eduard Akopian as head of finance, promoting Carly Chandler to compliance head, and bringing on Sarah Wade as marketing head for intermediaries.

With Livemore’s increased loan options, widened acceptance of adverse credit, and competitive rates, they are truly a standout choice for borrowers and brokers looking for later life specialist mortgages. Stay tuned for more updates from Livemore as they continue to support borrowers in their later years.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.

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