LiveMore has reduced by up to £91,500 the amount of equity required for its standard interest-only mortgages, increasing the loans available to borrowers aged 50 to 90-plus.
LiveMore has simplified the minimum equity reductions and grouped them into four regions spanning England, Scotland and Wales.
This means sums of £80,000 in Scotland, Wales, North East and North West England, and Yorkshire and Humberside; £100,000 in the East Midlands, West Midlands and East Anglia; £180,000 in South East and South West England and £250,000 in London
The changes mean that a person buying an average property in the North West worth £231,000 can now borrow up to £151,000 instead of the £60,000 they could previously have borrowed.
A person buying an average property in the South East worth £438,000 can now borrow up to £258,000, whereas previously they could only borrow up to £207,000.
Borrowing is subject to affordability, which LiveMore assesses on an interest-only basis and without minimum income requirements.
LiveMore recently removed its upper age cap so now any borrower over the age of 50 can benefit from the above changes.
Commenting on the new limits LiveMore director of intermediary sales Les Pick aid: “These changes will give the underserved over-50s greater options for their home financing.
He added: “We understand that changes to lending criteria can be challenging for brokers, especially as the market continues to fluctuate, so we’ve made our product options easy to access on the LiveMore Mortgage Matcher on our website.”
