LiveMore reduces rates and enhances criteria across later life ranges

Over 50s mortgage lender, LiveMore, has announced a series of pricing and criteria changes across its standard, retirement interest-only (RIO) and equity release ranges.

LiveMore has reduced rates across all standard and RIO LiveMore 1 to LiveMore 4 products, including the Spring Saver limited edition range, with cuts of up to 0.59% and rates now starting from 5.43%. 

LiveMore has also introduced several criteria updates aimed at improving affordability and expanding customer eligibility.

Its reversionary margin has been reduced from 3.50% to 3.00% and changes have also been made to the way in which different elements of income are treated.

In addition, stress testing measures have been refined to reflect current market conditions, enabling increased lending potential.

For example, a single applicant aged 68 earning £65,000 with a £5,000 bonus and £5,000 shift allowance on a LiveMore 1 5-year fixed rate product over a 10-year term, could now potentially borrow £521,900, up from a previous limit of £459,400.

As part of the changes, septic tanks are now acceptable under standard equity release criteria, to align with previous criteria changes that moved from property plus to standard in January, and taking into account customer needs and adviser feedback. 

The latest changes follow the introduction of new products, rate cuts and enhanced criteria earlier this month.