This is aimed at customers who have over £10,000 of unsecured debts which would make up more than 50% of their total mortgage. This new product enables borrowers to secure 100% of these debts against their property.

This new range is applicable for a maximum loan-to-value (LTV) of 75% for retirement interest-only mortgages, 70% for standard interest-only mortgages and 85% for standard capital and interest mortgages. It applies across LiveMore’s wider range of fixed two-year, five-year, five-plus-five year, 10-year and fixed-for-life (RIO only) rates.

This ‘Up to 100% Debt Consolidation’ plan comes with a £500 cashback paid to the customer upon completion. Customers can also benefit from free standard valuations.

LiveMore will consider people with an element of adverse credit for this debt consolidation products. It also accepts earned income up to the age of 80 years old, including self-employed with one-year accounts, as well as rental, lodger, and a range of pension incomes.

LiveMore said it has launched this option after it identified a customer need during the current cost-of-living crisis to both reduce payments and avoid restriction to the maximum amount of debt they can consolidate.

This launch follows the introduction in February of a 100% debt consolidation as part of its LifeMore 3 plan. As a standalone option has now been launched this LiveMore 3 will revert to its previous criteria.

LiveMore senior proposition manager Tim Wellard says: “The cost-of-living crisis shows no signs of abating, so we’re doing all we can to support customers, and provide more options to intermediaries.”

He adds that the introduction of a standalone range will make it easier for intermediaries to select the required product and present it to clients.