LiveMore has extended its lifetime equity release (ER) products to further widen financial options for people aged 50 to 90 plus. For the first time, the firm is also offering borrowers the option of a drawdown facility.
The extensive new range will elevate LiveMore’s existing ER offering to include four new and updated products, which are available immediately for loans of up to £1m.
On the Standard product, property considerations now include above, below and near commercial premises or those which are being used to run a business, as well as properties that are Grade 2 listed, ex-local authority, have non-commercial annexes, or are near pylons and solar panels.
The new six-month product provides a six-month offer window to customers who want to purchase a new property.
LiveMore’s flexible new five-year ERC product includes the option of partial repayments of up to 15% per annum.
The new Property Plus for ER caters for a wider range of property than in the updated standard ER product, such as properties near contaminated land or on flood zones, buildings made of steel frame or timber, and more.
To provide customers the greatest flexibility for their individual requirements, the standard, six-month and five-year ERC products all offer 10 different loan-to-value (LTV) bands to a maximum LTV of 49.75%.
All four products include day-one downsize protection and a three-year compassionate window so a customer can sell the property without paying an ERC if the other borrower passes or moves into long term care
LiveMore has also extended its offer validity period to three months apart from the new six-month offer product.
Livemore director of intermediary sales Les Pick commented: “We have worked extensively with brokers to understand the current gaps in the ER market. These new products, including the drawdown facility, are a result of that work. We will continue to show our commitment to supporting brokers and customers so they can find a great product that is right for them.”
