To launch a new lender is tough enough, but to launch one during a period of prolonged COVID disruption is something else, but we did it!!
LiveMore was founded on the principles of serving a previously underserved segment of the market, namely borrowers over the age of 55 needing interest only mortgages. LiveMore is the ONLY lender that specialises solely in this space and we aim to help previously underserved borrowers secure great value mortgages that will stay with them in later life.
Our team has a huge wealth of experience and the clear goal of adding value to our intermediary partners. Advisers play a pivotal role in helping borrowers with more complex characteristics and we exist to help them.
What makes us different?
We’re flexible and underwrite every case individually to avoid ‘one size fits all’ underwriting and are able to lend up to a market leading 75%. As a new lender we are also agile and quickly adapted our proposition following intermediary feedback about adding purchase loans to our re-mortgage launch range, to maximise stamp duty holiday opportunities.
Underpinning our intermediary proposition is a bespoke and proprietary technology platform and our Maximum Borrowing Calculator enables intermediaries to easily see the amount we can lend (by product) before our slick online journey makes quick and easy work of their application.
Feedback from intermediaries demonstrates our points of differentiation:
Volumes and interest in our proposition is growing rapidly:
Scenarios where we have been able to help customers faced with difficult situations:
- End of term – enabling borrowers to stay in their homes at a time when their current lenders were pressing for the sale of the property.
- Staggered retirement – for borrowers where retirement is phased and where ongoing income beyond a normal retirement age is plausible, we may also accept it.
- Business owners – many owners have the ability to derive income beyond a normal retirement age and we can help these borrowers where that is plausible.
- Intergenerational wealth transfer – assisting borrowers releasing equity to help family and extending into complex inheritance tax planning scenarios.
- Affordability upon 1st death – we mitigate this by being able to accept whole of life or term assurance to bridge the gap on 1st
To the future
We are on a mission to become the go to lender for intermediaries where customers are aged over 55 and have a need for an interest only mortgage.
RIO mortgages are mainstream product and do not require advisers to hold additional equity release qualifications. We have embarked upon a programme of education to raise awareness and show intermediaries in both the mainstream and later life lending spaces that we can add value and are in the process of rolling out across the whole intermediary market.
We believe that as a new lender delivering great solutions to an underserved part of the market we bring great value to intermediaries and their customers.
Finally, we are very honoured to have been nominated for this prestigious award – thank you.