LiveMore has launched a series of changes including unlimited overpayments and increases to loan-to-values (LTVs).

The changes mean equity release customers can now make an unlimited number of overpayments within their early repayment charge allowance, typically up to 10% per annum.

The minimum payment amount has been reduced from £200 to just £25.

LiveMore has also introduced an ‘Age Next Birthday’ capability into its equity release proposition.

The change allows borrowing to be assessed using a customer’s next birthday where their birthday falls within 60 days.

The later life lender has also made enhancements to LTV assessments on equity release mortgages tailoring the amount it can lend more to individual loan circumstances.

It is also increasing the maximum LTV available on its non-equity release mortgage range by 5% up to 85% from 80%.

This will be available on every LiveMore mortgage with a repayment element, including capital and interest and part and part mortgages.

LiveMore chief executive Leon Diamond says: “LiveMore is growing rapidly and part of this is due to the fact that we continue to challenge norms and do things differently.”

“Lending into retirement can now apply to people aged just 40 if they take out a 30-year mortgage. Fewer and fewer people now fit neatly into lending criteria that extends to age 70 plus, so changes like the ones we’ve made at LiveMore can make a meaningful difference to the options available to customers.”

“It is part of our commitment to actively and consistently look for ways to improve access to funding for borrowers, to provide greater flexibility to borrowers and help brokers say yes more often.”