Later life lender LiveMore has revamped its range, offering four new and updated products with drawdown options.
The later life lender will offer four new and updated products: standard, six-month offer on new purchases, five-year early repayment charge (ERC) and property plus. All come with a maximum loan size of £1m.
LiveMore will also offer drawdown as an option on all four products, allowing it to enter the larger drawdown segment of the equity release market.
For its standard equity release product, the property criteria have been widened to include above, below and near commercial premises or those that are being used to run a business, as well as properties that are Grade II listed or ex-local authority, have non-commercial annexes, or are near pylons and solar panels.
The six-month product offers a six-month window to customers who want to buy a property, with the firm noting that it was “unique” in the equity release market.
For greater flexibility, the standard, six-month and five-year ERC deals offer 10 different loan-to-value (LTV) bands up to a maximum LTV of 49.75%.
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All the products include day one downsize protection, free valuations, no product fees and a three-year compassionate window so customers can sell the property without paying the ERC if the other borrower passes away or has to be moved into long-term care.
The products, barring the five-year ERC deal, also have an eight-year ERC period, and the validity period stands at three months for all other products except the six-month deal.
The five-year ERC deal will include the option of partial repayments of up to 15% per year, while the property plus deal can cater for a wider range of property, such as properties near contaminated land or on flood zones and buildings made of steel frame or timber.
Les Pick, director of intermediary sales at LiveMore, said: “We have worked extensively with brokers to understand the current gaps in the ER market. These new products, including the drawdown facility, are a result of that work. We will continue to show our commitment to supporting brokers and customers so they can find a great product that is right for them.
“The new range is already incorporated into our market-leading digital tool, the LiveMore Mortgage Matcher, so that brokers can quickly and easily search across our full product range of ER, standard interest-only, standard capital and repayment, and retirement interest-only mortgages.
“In five minutes, the Mortgage Matcher can provide a full search and a PDF of suitable options for brokers to give their client, helping provide good customer outcomes in line with Consumer Duty.”
