The over-40s lender said this would give advisers more solutions for their clients.
The frequency with which borrowers can make overpayments will now be unlimited, with the minimum payment reduced from £200 to £25 for equity release.
Overpayments will be restricted within the borrower’s early repayment charge allowance, typically up to 10% per annum.
LiveMore said this would give borrowers the flexibility to make smaller, more frequent payments when they can afford to, rather than waiting until they have £200.
The lender has also introduced an ‘Age Next Birthday’ feature to its equity release products, which allows borrowing to be assessed on an applicant’s next birthday if this falls within 60 days.
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LiveMore said this was because older borrowers could sometimes access larger loans, so taking this into consideration would enable people to borrow more sooner, rather than having to wait for their next birthday.
Further, LiveMore has made updates relating to LTVs, with changes to how it assesses equity release mortgages so it can lend more based on individual circumstances.
It has also raised the maximum LTV available on its non-equity release mortgage range from 80% to 85%. This will be available on all its products with a repayment element, including capital and interest and part and part mortgages.
Leon Diamond, CEO of LiveMore, said: “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.”
He added: “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.”
