It has shortened the initial period of assessment for county court judgments (CCJs), individual voluntary arrangements (IVAs) and credit defaults from three years to 18 months.
The later life lender said this would open up lending to borrowers with historical arrears who have demonstrated stable financial behaviour.
Leon Diamond, CEO of LiveMore, said: “Our purpose at LiveMore is to find solutions for people with more complex needs, and to say yes where others say no. By changing our lending criteria, we are assessing borrowers on their more recent financial behaviour, rather than leaving them stuck where they were previously in a time of crisis.
“We are reducing the number of automatic declines and increasing the extent of our manual underwriting, which means we can look at the individual and their personal circumstances, rather than just their credit history, and provide the most appropriate products for their situation.”
LiveMore recently reduced its minimum age for lending to 40 to address what it described as the ‘midlife mortgage crisis’.
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It said the financial complexities in later life mortgage borrowing did not just affect people in their 60s and 70s, but also arose earlier in life as working ages extended while self-employment and divorce rates peaked for people in their 40s.
The lender also recently launched its Underwriting Hero Hotline to give brokers direct access to an underwriter for support with complex and hard-to-place cases, before a full application is submitted.
