LiveMore has expanded its Lifetime Equity Release (ER) product to further broaden financial options for people aged 50 to over 90 years old. The company is also offering borrowers the option of withdrawal facilities for the first time.
The extensive new product range will enhance LiveMore’s existing ER products, including four new and updated products that provide immediate access to loans of up to £1 million.
On the standard offering, property considerations now include premises above, below and adjacent to commercial premises or used for running a business, as well as premises that are Grade II listed, ex-local authority, have non-commercial outbuildings or are located close to towers and solar cells plate.
The new six-month product gives customers who want to buy a new property a six-month offer window.
LiveMore’s flexible new five-year ERC product includes partial repayment options of up to 15% per annum.
The new Property Plus for ER addresses a wider range of property needs than the newer standard ER product, such as properties near contaminated land or in floodplains, buildings made of steel frame or timber, etc.
To provide maximum flexibility for customers’ individual needs, both standard six-month and five-year ERC products are available in 10 different loan-to-value (LTV) ranges, with a maximum LTV of 49.75%.
All four products include day one downsizing protection and a three-year compassion window so clients can sell the property without paying an ERC if another borrower passes or moves into long-term care
LiveMore has also extended the offer validity to three months, ahead of the new six-month offer.
Livemore Agency Sales Director Les Pick commented: “We have worked extensively with brokers to understand the gaps in the current ER market. These new products, including the rollback tool, are the culmination of that work. We will continue to deliver on our commitment to A commitment to supporting brokers and clients so they can find quality products that are right for them.
