Specialist lender LiveMore has expanded its operations into Scotland.

The lender offers retirement interest-only and term interest-only products to borrowers over 50 on terms from five years to 30 years and at up to 75% LTV.

It says that the Scottish market is “vastly underserved” by high street banks and that its move into Scotland will open up opportunities for brokers as well as potential borrowers.

Earlier this year, LiveMore secured a £275m funding line with NatWest Markets.

LiveMore managing director of sales Alison Pallett says: “The very reason LiveMore exists is to bring more choice to later life borrowers, so we’re absolutely thrilled to be expanding that remit to benefit consumers in Scotland.

“It’s a great injustice that perfectly capable people with stable finances are being pushed out of the market for the simple reason that they happen to be over the age of 50 and aren’t aligned to rigid and arbitrary criteria.”

And Paradigm director of mortgages Richard Howes adds: “This market area needs as wide a choice as possible, and it is really encouraging that LiveMore can now offer specialist retirement solutions for brokers and their later-life customers.

“This is providing more opportunity for over-50s to lengthen their time in their homes and a new conduit for brokers in the region to expand their relationships to include more customers.”