LiveMore has lifted its loan-to-value ratio on its standard interest-only mortgages to 75% from 70%.
The later life lender says the 5% rise on the LTV ratio applies across its LiveMore 1, 2 and 3 standard interest-only products.
It brings the ratio in line with the 75% LTV that already applies to LiveMore’s retirement interest-only products.
The firm says the move is “aimed at widening LiveMore’s customer base by making its mortgages available to a broader range of people over 50”.
It adds that it has recently removed all upper age limits from its criteria and will lend to customers who are over 90.
LiveMore head of proposition strategy and development Samantha Ward says: “Regardless of age, we are committed to finding a variety of solutions for a wide range of borrowers.
“We are finding more than ever that borrowers are reviewing their financial circumstances to help support them or their families in later life.
“Borrowers may want to help their children or grandchildren to get onto the property ladder for example, perhaps release funds for home improvements or plan for inheritance tax, or maybe just improve their standard of living – and our mortgages enable them to do that.”
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